Commentary & Deal Flow

PHOENIX PIB Dutch Finance BV (Phoenix Pharma) (PHARGR) EUR400m (up from EUR300m) Reg S sr notes due Aug 05, 2025 (5y). NCL (3mo par call, clean-up call). NR/BB+ (--/negative). Gtd by PHOENIX Pharmahandel GmbH & Co KG / PHOENIX International Beteiligungs GmbH. Via CA/Commerz/ING/UniCredit (B&D) joint books (ING coordinated logistics). List Lux. German law. Annual pay (Act/Act). 100x100. Settles 08/05 (T+5). Relevant stabilization regulations including FCA/ICMA will apply. Investor feedback was in the 2.50%-3.00% range. IPT: 2.75% area. Px talk: 2.50% area.

Final terms: EUR400m 2.375% coupon to yield 2.50%.

Did investor call on 27 July at 10:30am UKT and a series of one-on-one and small group fixed income investor calls July 27-28. Books went subject at 12pm UKT today. Pricing today UK afternoon. Book size greater than EUR815m (pre rec) at IPT, greater than EUR740m (pre rec) at guidance. UOP: GCP including. refinancing of existing Phoenix Pharma Group debt. Biz: a leading integrated healthcare provider in Europe operating in Pharmaceutical Wholesale, Pharmaceutical Retail and Pharma Services. HQ: Mannheim, Germany.