Commentary & Deal Flow

Grunenthal GmbH (GRUPHA) EUR500m 144A/Reg S sr sec notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. B1/BB-BB+ (stable/stable/stable). Via GS (B&D)/DB/BofA jt physical books/ING/RBC/UniCredit jt glocos/BBVA/BNP/Commerz/CA/Mizuho/ jt books. No reg rights. List ISE. NY law. CoC at 101.

IPT: 5% area (+/- 12.5bp).

Roadshow 11/25-26 (investor call 10:30am 11/25). UOP: along with EUR7m cash on hand, to fund tender offer for its EUR400m 3.625% sr sec notes due 11/15/26, pay down the EUR100m drawn on its revolver. Wholly-owned by the Wirtz family. Biz: Leading pharmaceutical company in pain treatments. HQ: Aachen, Germany.

GIC registration link: https://evercall.co/oacc/45306

Deal Roadshow link: https://dealroadshow.com/e/GRUNENTHAL2024 (or Entry code: GRUNENTHAL2024)