Commentary & Deal Flow

Priced: 5NC2: 8.00% / 100
Benchmark: 0% Bund 15-Aug-31 @ +534bp

Launched: 5NC2: €625m @ 8.00%
Guidance: 5NC2: 8.00-8.25%
IPTs: 5NC2: Low 8%s

• Issuer: Monitchem HoldCo 3 S.A.
• 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
• CFR (M/S): B3 (Stable) / B- (Stable)
• Issue Ratings (M/S): B3 / B-
• Format: Reg S / 144A
• Size: €625m (up from €600m)
• Trade Date: 17-Jun-26
• Settlement Date: 02-Jul-26 (T+10)
• Maturity: 15-Jul-31
• Coupon: 8.00%
• Issue Price: 100
• Yield to Maturity: 8.00%
• Spread to Benchmark: +534bp
• Benchmark: 0% Bund due 15-Aug-31
• Call Protection: NC2, then at 104.00 15-Jul-28, 102.00 15-Jul-29, 100.00 15-Jul-30 (50% / 25% / par) MWC B+50bp. Equity claw: 2y 40% at 108.00. 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
• Interest Payment Dates: 15-Jun and 15-Dec of each year, commencing on 15-Dec-26 (30/360).
• Use of Proceeds: along with €60m (down from €85m) cash on hand, to redeem its €250m 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). (€25m upsize reduced use of cash on hand, freeing it up for GCP)
• Equity sponsor: Permira.
• Denominations: Minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof
• Listing: The International Stock Exchange
• Governing Law: New York Law
• Delivery: Euroclear / Clearstream
• Joint Global Coordinators and Active Bookrunners: BofA Securities (B&D), Goldman Sachs Bank Europe SE
• Joint Bookrunners: Commerzbank, Deutsche Bank Europe SE
• ISIN / Common Code:
• • Reg S: XS3420263629 / 342026362
  • 144A: XS3420264510 / 342026451
• Books Closed: Today, 17-Jun-26 at 4:15pm UKT / 5:15pm CET
• TOE: 17-Jun-26, 17:36 UKT.
• FTT: 18-Jun-26, 08:00 UKT.
• Marketing: 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.