Commentary & Deal Flow

Grunenthal GmbH (GRUPHA) EUR300m 144A/Reg S sr sec 1st lien notes due 2030 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. B1/BB-/BB+ (positive/stable/stable). Via DB (B&D)/GS/ING/RBC/UniCredit jt glocos/Commerz/BNP jt bks. No reg rights. List ISE. NY law.

Px talk: 6.75%-7.00%.

Roadshow Mon-Tues (investor call at 11am UKT Mon). Books close at 2:30pm UKT today. Pricing today UK afternoon. UOP: refinance the EUR200m Neon bridge loan facility incurred to fund the EUR494m acquisition of Nebido from Bayer AG on 11/22/22, repay EU75m Schuldschein private placement promissory notes, GCP. Wholly-owned by the Wirtz family. Biz: Leading innovator in pain treatments. HQ: Aachen, Germany.