Commentary & Deal Flow

+++Corrects US$ size in headline: US$1.1bn (not US$1bn)+++

Opal Bidco SAS (Opella) (OPALBD) approx EUR2.25bn equivalent (up from EUR2bn equivalent) 144A/Reg S sr sec notes 2-part. B1/B+/BB- (stable/stable/stable). Via GS (EUR)/MS (US$) physical books/BNPP/Citi/Barc/HSBC/SocGen jt glocos/BofA/RBC/Santander/UBS/DB/MUFG/Nomura/CA/ING/Mizuho/Natixis/WFS/DNB/Commerz/SMBC Nikko jt books. No reg rights. List ISE. NY law. The proceeds will be placed in escrow pending completion of the acquisition. SMR at 100 if the acquisition is not completed by 10/21/25. Settles 04/14 (T+10).

- EUR1.25bn (from EUR1bn minimum) sr sec notes due 03/31/32 (7y). NC3 (03/31/28) (MWC B+50bp), then at 102.75, 101.375, 100. Equity claw: 3y 40% at 105.50. Special call: 10% per year, the first 3 years at 103. CoC at 101. Reg S ISIN: XS3037643304. IPT: low 6s. Revised IPT: high 5s. Price talk: 5.50%-5.75%. Priced: 5.50% at 100. +300bp vs 0% DBR 02/15/32.

- US$1.1bn (approx EUR1bn equivalent) sr sec notes due 03/31/32 (7y). NC3 (03/31/28) (MWC T+50bp), then at 103.25, 101.625, 100. Equity claw: 3y 40% at 106.50. Special call: 10% per year, the first 3 years at 103. CoC at 101. 144A CUSIP: 68348BAA1, IPT: low 7s. Revised IPT: high 6s. Price talk: 6.50%-6.75%. Priced: 6.50% at 100. +240bp vs 4.125% 03/31/32.

Roadshow: London 03/24-25, NY 03/26-27, virtual 03/28. Books closed: EUR at 5pm UKT 03/31, US 12pm NYT 03/31 (Books were originally closing US$ 5pm NYT 03/31, EUR 12pm UKT 04/01). UOP: along with EUR5.2bn (down from EUR5.45bn equivalent) (EUR1.75bn and US$3.75bn (approx EUR3.45bn equivalent)) sr sec term loan B (and EUR1.2bn revolver), to fund the purchase of a 50% controlling stake in Sanofi's consumer health division Opella by CD&R for EUR14.4bn (Bpifrance will purchase a 2% interest and Sanofi will remain a 48% minority shareholder. Management will own less than 1%). CD&R will contribute EUR1.208bn equity-like sub PIK notes. Total equity contributions of $6.750bn. Enterprise value of EUR16bn. Closing is expected in Q2 2025 at the earliest. Biz: consumer healthcare products, including a portfolio of iconic brands, such as Allegra, Doliprane, and Dulcolex, as well as over-the-counter vitamins and minerals. HQ: Paris, France. (Acquisition announced 10/21/2024).

Global investor presentation: Europe 9am UKT 03/24 at The Landmark Hotel https://evercall.co/oacc/26199; US 9am NYT 03/26 at the Pendry Manhattan West https://www.netroadshow.com/events/login?show=84d62d24&confId=79907.

Deal Roadshow: https://urldefense.com/v3/__https:/dealroadshow.com/e/OPELLA25__;!!O2kDR7mm-zSJ!u8Wp-2nnr_J5VfcVml8cyMbhOhPbUB0heqCjsJIjHXa3KTr2_Rrki3cwTOANafSt-ii5cEfKNJ-E31qm0cQCkPQ$. Entry code: OPELA25.