Commentary & Deal Flow

+++Corrects typo in issuer name: Monitchem (not Montichem)+++

Monitchem Holdco 3 SA (CABB Group GmbH) (CABBCO) EUR670m 144A/Reg S sr sec fixed/floating notes 2-part. --/B (--/stable). Via BofA/DB/GS (B&D) jt physical books, Commerz as co-manager. No reg rights. List Lux. NY law.

- EUR TBD fixed rate notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103.

- EUR TBD FRN due 2028 (5y). NC1 (MWC B+50bp) (101, par). Floats/pays quarterly vs 3mE (zero floor).

Roadshow Mon-Wed (investor call at 10:30am UKT today). UOP: along with EUR6m cash on hand, to redeem its existing EU315m 5.25% sr sec 1st lien notes due 03/15/25 (callable at 101.313); EUR175m sr sec 1st lien FRN 03/15/25 (callable at 100); and holdco EUR150m 9.50% sr sub notes due 09/15/26 (callable at 104.75). Equity sponsor: Permira. Biz: leading crop science contract development and manufacturing (CDMO) and fine chemistry manufacturer, supplying customized active ingredients and high-complexity and high-purity chemical ingredients to customers in the life science and performance material markets. HQ: Sulzbach am Taunus, Germany.