Commentary & Deal Flow

Almirall SA (ALMSM) EUR300m (up from EUR250m) 144A/Reg S sr notes due 2026 (5y). NC2 (50%,25%,par). Ba3/BB- (stable/stable). Via BNP/JPM (B&D) jt glocos/BBVA/BofA/Caixa/Santander jt books. No reg rights. List lux. NY law. IPT: mid 2s.Px talk: 2.25%-2.50%. EUR50m upsize for GCP

Launched: EUR300m at 2.125%.

Did investor call at 11am UKT Mon (virtual 1x1s Mon-Weds). Books closed at 12pm UKT today. Recommitments due by 1pm UKT today. Pricing today UK afternoon. UOP: to repay its EUR250m 0.25% cvt notes due 12/14/21, and GCP (EUR50m upsize for GCP). Biz: a publicly listed pharmaceutical company that researches, develops, produces and markets a fairly diversified portfolio of in-house developed drugs and in-licensed drugs in therapeutic areas including dermatology, respiratory, gastrointestinal and pain relief. HQ: Barcelona, Spain.