SPIE SA (SPIEFP)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	INDS	PRCD	SPIEFP	SPIE SA	€500		1	EMEA	Sep 21, 2026

Tranche #1SPIE SA

currency

EUR

size (m)

500.000

maturity

Mar 28, 2032

type

Fixed

tenor

5.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

BB+

fitch

BBB-

re-open/tap

ipt

5.375% area

ipt-pxd

-42.5

guidance

STL

spread

148.2

coupon

4.875%

spread set

price

99.67500

yield

4.95%

book size (m)

1,600

peak book (m)

2,000

x-covered

3.2

book attrition

-0.20%

nic

7.5

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,600

peak book (m)

2,000

x-covered

3.2

book attrition

-0.20%

nic

7.5

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1600; Registration: Reg S Only; Comments: DBR 0 02/15/32 (@83.98 / 3.288%) +166.2bps. MWC: B+25. CoC: Yes. Clean-Up Call: 75%. LEI: 969500TJNS5GSFWJ8X85;

Use of Proceeds

Proceeds of the issue of the Bonds will be used by the Issuer for general corporate purposes and the partial refinancing of the existing debt of the Group, including the €400,000,000 Sustainability-linked Senior Unsecured Bonds Settled in Cash and/or Convertible into New Shares and/or Exchangeable for Existing Shares issued on January 17, 2023 and due January 17, 2028

Relative Value

Sustainability-Linked Bond
5.5yr (Mar 2032) @ 5.375%a
Implied Spread for fresh 5.5yr @ 4.875%
Priced at 4.95%
NIC of +7.5

COMPS
Ticker	Issuer	Sector	Rating (M/S/F)	Maturity	Coupon (%)	Size (€)	I-Spread (bps)	YTM (%)
SPIEFP	Spie SA	Multi-Technical Services	- / BB+ / BBB-	28/05/2030	3.75%	€600m	97	4.48%
ELISGP	Elis SA	Circular Services / Linen	Baa3 / BBB- / -	02/09/2031	3.38%	€350m	94	4.44%
ELISGP	Elis SA	Circular Services / Linen	Baa3 / BBB- / -	23/03/2032	3.88%	€600m	103	4.52%
CCK	Crown Holdings	Packaging	Ba1 / BB+ / -	30/09/2031	3.75%	€500m	108	4.52%
NEXFP	Nexans SA	Cables & Systems	- / BB+ / -	09/09/2031	4.25%	€500m	108	4.57%
SPIEFP	Spie SA	Multi-Technical Services	- / BB+ / BBB-	18/05/2031	3.88%	€600m	125	4.74%
ILDFP	Iliad SA	Telecoms	Ba1 / BB+ / BB+	15/10/2031	4.13%	€650m	125	4.74%
ILDFP	Iliad SA	Telecoms	Ba1 / BB+ / BB+	09/01/2032	4.25%	€600m	130	4.79%

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CreditFlow: End of Day (Europe IG)	Sep 21, 2026

Sep 21, 2026

1 to 1 of 1

	PRICED: SPIE SA €500m 5.5yr Sr Unsec; 4.95%	Sep 21, 2026
	ALLOCATIONS OUT: SPIE €500m 5.5yr SLB Sr Unsec; 4.95%	Sep 21, 2026
	LAUNCHED: SPIE €500m 5.5yr Sr Unsec; 4.95%	Sep 21, 2026
	NEW ISSUE: SPIE €500m 5.5yr SLB Sr Unsec; 5.375%a	Sep 21, 2026