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by Anna Tkachenko

Sep 16, 2026 8:40 AM ET

FINAL TERMS: Grünenthal EUR850m Sr Sec Notes; EUR400m 6NC2 Fixed at 5.375%, EUR450m 6NC1 FRN at E+275/Par

HYC European Market: Deal Flow - General

Ticker	Security	Term	Tranche Size	IPT	Price Talk	Final Terms
GRUPHA	Senior Secured Fixed Rate Notes	6NC2	EUR400m (up from EUR300m (min))	5.5%-5.75%	5.25%-5.5%	5.375%
GRUPHA	Senior Secured Floating Rate Notes	6NC1	EUR450m (up from EUR300m (min))	E+275 area / Par	E+275 / Par	E+275 / Par

Issuer: Grünenthal GmbH
Ticker: GRUPHA
Deal Size: EUR850m
Format: 144A/Reg S
Security: Senior Secured Fixed Rate Notes
Price Progression:
- Final terms: 5.375%
- Price talk: 5.25%-5.5%
- IPT: 5.5%-5.75%
Tranche Size: EUR400m (up from EUR300m (min))
Issue Ratings: Ba3/BB- (stable/stable)
Maturity: 6y
Optional Redemption: NC2 (MWC B+50bp) (50%, 25%, par)
Equity claw: 2y 40% at 105.375
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:
- Final terms: E+275 / Par
- Price talk: E+275 / Par
- IPT: E+275 area / Par
Tranche Size: EUR450m (up from 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.
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