Commentary & Deal Flow

Price Talk: 5NC2: 8.00-8.25%

IPTs: 5NC2: Low 8%s

• Company: CABB GmbH
• Issuer: MONITCHEM HOLDCO 3 SA (CABBCO)
• Business: A leading contract development and manufacturing organization (CDMO), supplying customized active ingredients and complex high-purity specialty chemicals to customers in the Crop Science, Life Sciences, Pharma and Specialty Chemicals markets. HQ: Sulzbach am Taunus, Germany
• Issue: Senior Secured Notes
• CFR: B3 (Stable) / B- (Stable) (Moody's/S&P)
• Ratings: B3/B- (Moody's/S&P)
• Format: Reg S / 144A
• Size: €600m
• Tenor: 5.0 years
• Call Protection: NC2 (50% / 25% / par) MWC B+50bp. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Special asset sale call: 2y 15% at 103 using the proceeds of certain asset sales
• Use of Proceeds: along with EUR85m cash on hand, to redeem its EUR250m sr sec FRN due 05/01/28 (callable at 100), and $420m 8.75% sr sec notes due 05/01/28 (callable at 102.188)
• Denominations: €100k v €1k
• Listing: The International Stock Exchange
• Governing Law: New York Law
• Equity sponsor: Permira.
• Joint Global Coordinators and Physical Bookrunners: BofA Securities (B&D), Goldman Sachs Bank Europe SE
• Joint Bookrunners: Commerzbank, Deutsche Bank Europe SE
• Schedule: Global Investor Call on 15-Jun-26 at 14:00 UKT / 15:00 CET. Small group meetings available on 15-16 June.
• Investor Call Registration: https://evercall.co/oacc/57768
• DealRoadshow: https://dealroadshow.com/e/CABB2026 (Password: CABB2026)
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Books Close: Today, 17-Jun-26 at 3:30pm UKT / 4:30pm CET
• Timing: Could price as early as today (17-Jun-26)