Commentary & Deal Flow

ams AG (AMSSW) EUR200m 144A/Reg S add-on to its 6.00% sr notes 07/31/25 (5y). NC2 (MWC B+50bp), then at 104.50, 101.50, 100. Equity claw: 2y 40% at 106.00. Ba3/BB-/BB- (negative/negative/stable). Via UBS (B&D)/HSBC joint physical books/glocos; BofA/Citi/Commerz, CA/DB/MS joint books, Erste as co-manager. No reg rights. List ISE. NY Law. Immediately 144A fungible, Reg S after 40 days (Reg S ISIN: XS2195511006) with the EUR650m issue priced 06/30/20.

Px talk: 100.50-100.75.

Books close at 2:30pm UKT today. Pricing today UK afternoon. UOP: GCP, including the refinancing of existing 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: Permstaetten, Austria.