Commentary & Deal Flow

ams AG (AMSSW) approx EUR244m 144A/Reg S sr notes 2-part. 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.

   - 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. 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. Final terms: EUR200m at 100.75.

    - USD tranche added: USD50m add-on to its 7.00% due 07/31/25 (5y). NC2 (MWC T+50bp), then at 105.25, 101.750, 100. Equity claw: 2y 40% at 107.00. 144A ISIN: US03217CAA45. Immediately 144A fungible with the USD400m issue priced 06/30/20. Final terms: $50m at 100.75.

Books close: EUR at 4pm UKT  (moved from 2:30pm UKT) today; US$ at 11am NYT today. Pricing late 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.