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PX TALK: Clariane SE €500m Long 5NC2 Sr Unsec; 6.875-7%

HYC European Market: Deal Flow - General
  • Issuer

    Term

    Call

    Maturity

    Size

    Ranking

    Type

    ISIN

    IPT

    Price Talk

    Clariane SE

    Long 5NC2

    2

    Mar-32

    €500m

    Sr Unsec

    Fixed

    XS3491326727

    7-7.25%

    6.875-7%

    Price Talk: Long 5NC2: 6.875-7%
    IPTs: Long 5NC2: 7-7.25%
    • Issuer: Clariane SE
    • Ticker: CLARFP
    • Business: Europe's leading care service provider with activities in non-acute care, healthy aging and dependency prevention. HQ: Paris, France
    • UOP: Together with cash on balance sheet, to refinance €350m term loan and €150m real estate term loan, and pay fees and expenses
    • Corporate Ratings (M/S): B2 (Stable) / B+ (Stable)
    • Expected Issue Ratings (M/S): B2 / B+
    • Currency: EUR
    • Offering Size: €500,000,000
    • Instrument: Senior Unsecured Notes
    • Tenor: Long 5 Years (Mar-32)
    • Call Protection: NC2 (50%, 25%, Par)
    • MWC: B+50bp
    • Equity claw: 2y 40%
    • Special call: 10% per year the first 2 years at 103
    • Change of Control: Put @ 101
    • Distribution: Reg S
    • ISIN: XS3491326727
    • Day Count: 30/360
    • Denominations: €100k x €1k
    • Listing: Euronext Dublin
    • Governing Law: New York Law
    • Joint Global Coordinators and Physical Bookrunners: BNP Paribas (B&D), CACIB, SG
    • Joint Global Coordinators and Joint Bookrunners: CIC, Natixis
    • Joint Bookrunners: GS, JPM, KBC, LBP, MS, UCI
    • Ownership: HLD Europe 27%, Predica 26%, Leima Valeurs 9%, Free float 28%.
    • Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 or the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The Offering Memorandum, when published, will be available on the website of the Euronext website https://live.euronext.com
    • Target Market: No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
    • Timing:
      • Tomorrow's business
      • GIC 07-Sep-26 @ 11:00 UKT / 12:00 CET
      • 1-on-1's 07-Sep-26 - 08-Sep-26
      • Books close today, 8-Sep-26 at 13:30 UKT / 14:30 CET
    • Roadshow: