Commentary & Deal Flow

Cerba Healthcare (CERBA) 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. Settles 10/26 (T+4).

- 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: XS2343000241. Immediately 144A fungible (Reg S after 40 days) with the EUR420m issue priced 05/12/21. Px talk: 99.25-99.75. Final terms: EUR300m 3.50% add-on at 99.75. Priced: 3.50% add-on at 99.75, 3.54% YTM. +390bp vs DBR 0.25% 08/15/28.

- 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. Px talk 99.50-par. Final terms: EUR200m 5.00% add-on at 100. Priced: 5.00% add-on at 100, 5.00% YTM. +528bp vs DBR 0% due 08/15/29.

Roadshow Mon-Tues (investor call at 11am UKT Mon). Books closed at 12pm UKT today. UOP: along with EUR350m (up from EUR300m) term loan B add-on via GS/JPM/UBS+, to fund the acquisition of Lifebrain from Investindustrial for around EUR1.2bn enterprise value (EUR675m equity purchase and EUR520m debt refi) (EUR50m TLB upsize for cash on the B/S). 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).