Commentary & Deal Flow

PHOENIX PIB Dutch Finance B.V., guaranteed by PHOENIX Pharmahandel GmbH & Co KG (PHARGR), rated BB+, Outlook Stable by S&P, as well as PHOENIX Pharma SE and PHOENIX International Holdings GmbH (formerly PHOENIX International Beteiligungs GmbH), a leading integrated healthcare provider in Europe operating in Pharmaceutical Wholesale, Pharmaceutical Retail and Pharma Services, has mandated Barclays, BofA Securities, Deutsche Bank, ING, LBBW and SEB as Joint GloCo and Joint Bookrunners to organize a series of fixed income investor calls.

Expected to follow is a EUR400-500m Reg S sr unsec notes due 2029 (5y). NCL. NR/BB+ (--/stable). Via Barc/BofA/DB/ING/LBBW/SEB jt books. List Lux. German law. CoC. UOP: GCP, repayment of existing debt, including the tender offer for its EUR400m 2.375% fixed rate bearer notes due 08/05/25 (ISIN: XS2212959352), repurchase price 98.35, expires 5pm CEST 07/09/24, Barc/BofA/DB/ING/LBBW/SEB dealer managers. HQ: Marassen, The Netherlands/Mannheim, Germany.

Investor Presentation:http://www.netroadshow.com/nrs/home/#!/?show=929acbfe| Entry Code: Adelphi2024 (not case-sensitive)