Stada Arzneimittel : Stada places new SSNs, we adopt Buy recommendations
Stada priced its offering of EUR 570m 5.375% Senior Secured Notes due 2030 (ISIN: XS3067482896) and EUR 570m Senior Secured Floating Rate Notes due 2030 (ISIN: XS3067483787). The Fixed Rate Senior Secured Notes were priced at 100.000%. The Floating Rate Senior Secured Notes bear interest at a rate of three-month EURIBOR (subject to a 0.0% floor) + 3.75% per annum and were priced at 100.000%.We adopt Buy recommendations on the two new SSNs. We believe in the IPO scenario and as such Stada could make use of early call options, i.e. e.g. via the Special call option at 102%. A later call would not be an issue for the fixed rate instrument. For the floater, the situation is a bit different, but the YTW is still almost 6%.
Stada Arzneimittel is engaged in the development and marketing of products with off-patent active pharmaceutical ingredients in the health care and, in particular, in the pharmaceutical market. Generics is based on low pricing and/or a cross-product and cross-indication marketing concept while Branded Products focus on the specific product characteristics and, in particular, on the brand name of individual products. Co.'s business activities are divided into the four market regions of Germany, Central Europe, CIS / Eastern Europe and Asia & Pacific & Middle East / North Africa (MENA).
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.
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