Commentary & Deal Flow

Almirall SA (ALMSM) EUR300m (up from EUR250m) 144A/Reg S sr notes due 09/30/26 (5y). NC2 (09/30/23) (MWC B+50bp), then at 101.063, 100.531, 100. Equity claw: 2y 40% at 102.125. Ba3/BB- (stable/stable). Via BNP/JPM (B&D) jt glocos/BBVA/BofA/Caixa/Santander jt books. No reg rights. List lux. NY law. Pays March 15 and Sept 15, starting 03/15/22. Settles 09/22 (T+5). Reg S ISIN: XS238816245. IPT: mid 2s.Px talk: 2.25%-2.50%. Launched: EUR300m at 2.125%.

Priced: 2.125% at 100. +276bp vs OBL 0% 10/09/26.

Did investor call at 11am UKT Mon (virtual 1x1s Mon-Weds). Books closed at 12pm UKT today. Recommitments were due by 1pm UKT 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.