Commentary & Deal Flow

Cheplapharm Arzneimittal GmbH (CHEPDE) EUR300m 144A/Reg S add-on to its 7.50% sr sec fixed rate notes due 05/15/30 (6.5y). NC2.5 (05/15/26) (MWC B+50bp), then at 103.75, 101.875, 100. Equity claw: 2.5y 40% at 107.50. Special call: 10% per year the first 2.5 years at 103.. B2/B+/BB- (stable/stable/stable). Via DB/JPM (B&D) jt glocos and books. No reg rights. List ISE. NY law. Semi pay starting 11/15/23. Settles 09/29 (T+8). Reg S ISIN: existing XS2618867159; temporary XS2695600960. Immediately 144A fungible (Reg S after 40 days) with the EUR425m issue priced 04/26/23. IPT: 100 area (+/-0.25%). Px talk: 100.50 area (+/- 0.25 point). Launched: EUR300m at 100.50.

Priced: 7.50% add-on at 100.50, yield 7.401%. +473bp vs DBR 0% 08/15/30.

Originally 2-part deal with an FRN tranche, which was dropped: EUR add-on to its sr sec FRN due 05/15/30 (6.5y). NC0.5 (05/15/24) (MWC B+50bp), then at 101, 100. Floats/pays quarterly starting 11/15/23. 3mE+475bp (0% floor). IPT: 100 area (+/-0.25%).  Px talk: 100.50 area (+/- 0.25 point). Did investor call at 11am UKT yesterday. Books closed at 1:30pm UKT today. Reconfirms were due by 2:45pm UKT today. UOP: GCP. Biz: specialty pharmaceuticals. HQ: Greifswald, Germany.