Report
Opella : Issuance Focus
Opella, a large provider of consumer healthcare products, is planning an inaugural bond issue of € 2bn. Proceeds from the new 7NC3 secured notes and € 5.45bn of 7-year term loans, together with € 1.21bn of PIK notes and € 6.57bn of equity, will be used to fund the acquisition from Sanofi (new ownership: CD&R 50%, Sanofi 48%, Bpifrance 2%) and repay its existing debt. We recommend subscribing to the new 7NC3 secured notes at a yield of 5.5% or above, assuming an improved covenant package compared with the proposed one.
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Pierre François Merveille
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