Commentary & Deal Flow

Private placement: ams-OSRAM AG (AMSSW) EUR200m 144A/Reg S add-on to its 10.50% sr notes due 03/30/29 (4.5y). NC1.5 (03/30/26) (MWC B+50bp), then at 105.25, 102.625, 100. Equity claw: 1.5y 40% at 110.50. B2/B/B+. Via HSBC/UBS as placement agents. No reg rights. List ISE. NY law. Settles 09/20. Immediately 144A fungible (Reg S after 40-days) with the EUR625m issue priced 11/16/23. Pricing was not disclosed. UOP: repay short-term bank debt. Biz: global leader in sensor products, providing high-performance sensing technologies with a strategic focus on optical, image and audio sensing solutions for use across a variety of communications, consumer, automotive, industrial and medical end-markets. HQ: Premstaetten, Austria.