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. B2/B/B+ (stable/stable/stable). 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. Settles 11/15 (T+8). Reg S ISIN: XS2294186965. Immediately fungible with the EUR800m issue priced 01/28/2021. IPT: 98.00-98.50. Px talk: 98.5001.

Priced: 3.375% add-on at 98.5001, yield 3.6453%. +406bp vs DBR 0.50% 02/15/28.

Did investor call at 10:30am UKT yesterday. 1x1s virtual meetings yesterday-today. Books closed at 3pm UKT today. UOP: finance the acquisition of 100% of Medilys Shares for EUR69m originally financed by cash, and fund the acquisition of 89% of LLR Belgique Shares (EUR28m), repay EUR195m drawn under the Existing Revolver, refinance EUR5m certain other net debt incurred in the context of the Medilys Acquisition and the LLR Belgique Acquisition, fund EUR43m cash on balance sheet for GCP. Biz: Leading private medical laboratory testing business in France and Belgium.