Commentary & Deal Flow

• Issuer: Grünenthal GmbH
• Ticker: GRUPHA
• Deal Size: EUR850m
• Format: 144A/Reg S; No Reg Rights

• Security: Senior Secured Fixed Rate Notes
• Price Progression:
  • Priced: 5.375% at 100
  • Final terms: 5.375%
  • Price talk: 5.25%-5.5%
  • IPT: 5.5%-5.75%
• Tranche Size: EUR400m
• Issue Ratings: Ba3/BB-/BB+ (stable/stable/stable)
• Maturity: 15-November-2032 (6y)
• Optional Redemption: NC2 (15-November-2028) (MWC B+50bp)
  • 15-November-2028: 102.6875
  • 15-November-2029: 101.34375
  • 15-November-2030: 100.000
• Equity claw: 2y 40% at 105.375
• Special call: 10% per year the 1st 2 years at 103
• Change of Control: CoC at 101
• Payment dates: 15 May / 15 November, starting 15-May-27
• Denominations: 100kx1k
• Reg S Common Code: 347961426
• Reg S ISIN: XS3479614268
• 144A ISIN: XS3479614342
• 144A Common Code: 347961434

• Security: Senior Secured Floating Rate Notes
• Price Progression:
  • Priced: 3mE+275bps at 100
  • Final terms: E+275 / Par
  • Price talk: E+275 / Par
  • IPT: E+275 area / Par
• Tranche Size: EUR450m
• Issue Ratings: Ba3/BB-/BB+ (stable/stable/stable)
• Maturity: 15-November-2032 (6y)
• Optional Redemption: NC1 (15-November-2027) (MWC B+50bp) (par)
  • 15-November-2027: 100.000
• Change of Control: CoC at 101
• Payment dates: 15 February / 15 May / 15 August / 15 November, starting 15-Feb-27
• Denominations: 100kx1k
• Reg S Common Code: 347961469
• Reg S ISIN: XS3479614698
• 144A ISIN: XS3479614771
• 144A Common Code: 347961477

• 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
• Settles: 29-September-2026 (T+9)
• Trade Date: 16-September-2026
• 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
• Books closed: 14th September, 12:30pm UKT / 1:30pm CET
• Pricing: Priced and allocated
• FTT: 17th September @ 7:30am UKT
• ToE: 16th September @ 3:35pm UKT

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