Commentary & Deal Flow

    Ray Financing LLC (Sunrise Medical Corp) EUR815m 144A/Reg S sr sec notes 2-part. B2/B (stable/stable). Via JPM (B&D) sole physical books/BofA/GS/MS/DB/HSBC/RBC/Santander/SMBC Nikko jt books. No reg rights. List ISE. NY law.

    - EUR300m minimum fixed-rate notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special claw: 10% per year the first 3 years at 103. IPT: high 6s-7%.

    - EUR300m minimum FRN due 2031 (7y). NC1 (MWC B+50bp) (par). IPT: 3mE+400-425bp (0% floor) at par.

    Roadshow (small in-person group meetings) 06/25-26 (investor call 10am 06/25). UOP: along with EUR46m cash on hand, to fund the acquisition of Sunrise Medical Group by Platinum Equity from Nordic Capital for EUR885m equity value, to refinance existing debt (EUR445m 1st lien bank facilities and GBP107m 2nd lien bank facilities), and EUR25m cash on the B/S. The equity sponsor and management will also contribute EUR692m in equity. Biz: Global market leader in the development, design, manufacturing and distribution of innovative, high quality assistive mobility devices and services. HQ: Malsch, Germany. (Acquisition announced 06/05/2024).