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by Anna Tkachenko

Oct 16, 2026 5:47 AM ET

PRVT PLACEMENT PRICED: Cheplapharm €390m 7NC3 Snr Sec 8% at 100

HYC European Market: Deal Flow - General

Issuer	Term	Call	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread
Cheplapharm Arzneimittel GmbH	7NC3	3	8%	30-Oct-33	€390m	Snr Sec	Fixed	100	8%	B+477

Reoffer: 7NC3: B+477bp / 100 / 8%
Benchmark: 7NC3: DBR 2.6 15-Aug-33 / B+477bp

Company: Cheplapharm
Issuer: Cheplapharm Arzneimittel GmbH
Ticker: CHEPDE
Business: Leading global specialty pharmaceutical platform that manages a highly diversified portfolio of well-established, branded legacy and niche originator products which are typically off-patent and benefit from resilient, long-term demand
HQ: Greifswald, Germany
UoP: Fund the Project Latour cash purchase price payment
Facility: Privately Placed € SSN
Size: €390m
Ranking: Senior Secured Notes
Call Protection: NC3
Maturity: 30-Oct-33
ISIN (Reg S): XS3539366115
Corporate Ratings (Moody's/S&P/Fitch): B2 (Positive) / B (CreditWatch Positive) / B (CreditWatch Positive)
Instrument Ratings (Moody's/S&P/Fitch): B2/B/B+
Rating Split: Issuer: B2 (Positive)/B (CreditWatch Positive)/B (CreditWatch Positive) (Moody's/S&P/Fitch), Issue: B2/B/B+ (Moody's/S&P/Fitch)
Lead Placement Agent: UBS
Placement Agents: Deutsche Bank, JP Morgan