Commentary & Deal Flow

• Issuer: Grünenthal GmbH
• Ticker: GRUPHA
• Deal Size: EUR850m
• Format: 144A/Reg S
• Security: Senior Secured Fixed Rate Notes
• Price Progression:
  • IPT: 5.5%-5.75%
• Tranche Size: EUR300m (min)
• Issue Ratings: Ba3/BB- (stable/stable)
• Maturity: 6y
• Optional Redemption: NC2 (MWC B+50bp) (50%, 25%, par)
• Equity claw: 2y 40%
• Special call: 10% per year the 1st 2 years at 103
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Security: Senior Secured Floating Rate Notes
• Price Progression:
  • IPT: E+275 area / Par
• Tranche Size: EUR300m (min)
• Maturity: 6y
• Optional Redemption: NC1 (MWC B+50bp) (par)
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Listing: TISE
• Law: New York
• Joint Physical Bookrunners and Global Coordinators: BNP Paribas, Deutsche Bank (B&D), ING
• Joint Global Coordinators: BBVA, Commerzbank, Crédit Agricole CIB, MUFG, UniCredit
• Joint Bookrunners: BofA Securities, Goldman Sachs, Mizuho, RBC Capital Markets, Santander
• UOP: To redeem the EUR300m 6.75% sr sec notes due 15-May-2030 (callable at 103.375), redeem EUR450m of the EUR550m 4.125% sr sec notes due 15-May-2028 (callable at 100), EUR89m for GCP, including to finance, in part, potential product acquisitions.
• Biz: Leading innovator in pain treatments, with expertise in maximising Established Brands profitability
• HQ: Aachen, Germany
  Marketing:
• Investor Call: Monday, 14th September 11:30am UKT / 12:30 CET

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