Commentary & Deal Flow

+++Corrects total size: EUR500m (not EUR800m)+++

Cerba Healthcare EUR500m 144A/Reg S notes 2-part. Via DB (sole physical)/GS/JPM/UBS jt lead books/BNP/CA/HSBC/Mediobanca/Mizuho/Nomura/UniCredit jt books. No reg rights. List Lux. NY law.  

    - Chrome Bidco SAS EUR300m add-on to its 3.50 sr sec notes due 05/31/28 (6.5y). NC2.5 (05/31/24) (MWC B+50bp), then at 101.750, 100.875, 100. Equity claw: 2.5y 40% at 103.50. Special call: 10% per year the first 2.5 years at 103. B1/B (stable/stable). Reg S ISIN: XS2343001132. Immediately 144A fungible (Reg S after 40 days) with the EUR420m issue priced 05/12/21. 

    - Chrome Holdco SAS EUR200m add-on to its 5.00% sr unsec notes due 05/31/29 (7.5y). NC2.5 (05/31/24) (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 2.5y 40% at 105.00. Caa1/CCC+ (stable/stable). Reg S ISIN: XS2343001991. Immediately 144A fungible (Reg S after 40 days) with the EUR325m issue priced 05/12/21.

    Roadshow today-tomorrow (investor call at 11am UKT today). UOP: along with $300m term loan B add-on via GS/JPM/UBS+, to fund the acquisition of Lifebrain from Investidustrial for around EUR1.2bn enterprise value. The equity sponsors, EQT and PSP Investments, will contribute EUR466m in new equity. Biz: an international network of medical biological laboratories providing medical diagnostic services. HQ: Issy-les-Moulineaux, France. (Acquisition announced 07/21/21).