Commentary & Deal Flow

CAB Selas (Biogroup) (BIOGRP) EUR350m 144A/Reg S add-on to its 3.375% sr sec notes due 02/01/28 (6.25y). NC2.25 (02/01/24) (MWC B+50bp), then at 101.688, 100.844, 100. Equity claw: 2.25y 40% at 103.375. Special call: 10% per year the 1st 2.25 years at 103. Existing B2/B/B+. Via BNP/Natixis (B&D) jt glocos and jt physical books/JPM jt glocos/Citi/CA/GS/HSBC/MS jt books. No reg rights. List ISE. NY Law. Reg S ISIN: XS2294186965. Immediately fungible, subject to issue price. Otherwise a mirror offering, with the EUR800m issue priced 01/28/2021.

IPT: 98.00-98.50.

Investor call at 10:30am UKT today. 1x1s virtual meetings today-tomorrow. UOP: finance the acquisition of 100% of Medilys Shares originally financed by cash and fund the acquisition of 89% of LLR Belgique Shares, repay drawings under the Existing Revolver, refinance certain other net debt incurred in the context of the Medilys Acquisition and the LLR Belgique Acquisition, fund cash on balance sheet for GCP. Biz: Leading private medical laboratory testing business in France and Belgium.