Related Issuers
by Stephen Carter
Mar 20, 2024 8:03 AM ET
Progroup AG (PROGRP) EUR750m 144A/Reg S sr sec 1st lien notes two-part. Ba3/BB (stable/negative). Via DB (B&D) gloco/GS lead books/Commerz/Erste/LBBW jt books. No reg rights. List ISE. German law.
- EUR300m (from EUR300m minimum) due 03/31/29 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 35%. Px talk: 5.25%-5.50%. Final px talk: 5.125%-5.25% WPIR.
- EUR450m (up from EUR300m minimum) due 03/31/31 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 35%. Px talk: 5.50%-5.75%. Final px talk 5.375%-5.50% WPIR.
Roadshow Mon-Tues (investor call at 11am UKT Mon). Books closed at 11:30am UKT today. Reconfirm by 1pm UKT today. Pricing today UK afternoon. UOP: redeem its EUR600m 3.00% sr sec notes due 03/31/26 (callable at 100), $172m to pre-fund ongoing growth projects and GCP. Biz: family-owned, leading European manufacturer of containerboard and corrugated sheetboard. HQ: Landau, Germany.