Commentary & Deal Flow

Grunenthal GmbH (GRUPHA) EUR300m 144A/Reg S sr sec notes due 2030 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. (Expect B1)/BB-/(expect BB+) (--/stable/--). Via DB (B&D)/GS/ING/RBC/UniCredit jt glocos/Commerz/BNP jt bks. No reg rights. List ISE. NY law. Roadshow today-tomorrow (investor call at 11am UKT today). UOP: refinance the EUR200m Neon bridge loan facility incurred to fund the EUR494m acquisition of Nebido from Bayer in November 22, repay EU75m Schuldschein private placement promissory notes, GCP. Wholly-owned by the Wirtz family. Biz: Leading innovator in pain treatments. HQ: Aachen, Germany.