Commentary & Deal Flow

+++Updates with settlement date, pay dates and MWC+++

Cheplapharm Arzneimittal GmbH (CHEPDE) EUR750m (up from EUR500m) 144A/Reg S sr sec notes due 06/15/31 (6y). NC2 (06/15/27) (MWC T+50bp), then at 103.5625, 101.781, 100. Equity claw: 2y 40% at 107.125. B3/B/B+ (stable/stable/stable). Via DB (B&D)/JPM jt glocos and books. No reg rights. List ISE. NY law. Pays June 15 and Dec 15, starting 12/15/25. Denoms: 100x1. Settles 07/02 (T+9). Reg S ISIN: XS3087220664.144A ISIN: XS3087221043. IPT: mid-high 7s. Price talk: 7.25% area (+/- 0.125%). EUR250m upsize to partially refinance its sr sec notes due 2028 by the end of Q3. Final terms: EUR750m at 7.125%.

Priced: 7.125% at 100. +494bp vs DBR 0% 08/15/31. 

Roadshow (small in-person group meetings) 06/16-17 (investor call at 10:30am UKT 06/16). Books closed at 12:30pm UKT 06/18. Reconfirms were due by 4:30pm UKT. UOP: along with EUR10m cash on hand, to redeem its EUR500m 3.50% sr sec notes due 02/11/27 (callable at 100) (EUR250m upsize to partially refinance its sr sec notes due 2028 by the end of Q3). Biz: specialty pharmaceuticals. HQ: Greifswald, Germany.

Netroadshow link: https://www.netroadshow.com/events/login?show=0becfc94&confId=84244