Commentary & Deal Flow

Monitchem Holdco 3 SA (CABB Group GmbH) (CABBCO) EUR670m 144A/Reg S sr sec fixed/floating notes 2-part. B3/B (stable/stable). Via BofA/DB/GS (B&D) jt physical books, Commerz as co-manager. No reg rights. List Lux. NY law.

- EUR420m 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. IPT: 9% area. Px talk: 8.75%-9.00%.

- EUR250m FRN due 2028 (5y). NC1 (MWC B+50bp) (101, par). Floats/pays quarterly vs 3mE (zero floor). IPT: E+525bp at 96-97. Px talk: 3mE+525bp at 97-97.50.

Roadshow 04/17-19 (investor call at 10:30am UKT 04/17). Books close at 11am UKT today. Pricing today UK afternoon. UOP: along with EUR6m cash on hand, to redeem its existing EUR315m 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.