FR Bondco (PICSUR)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
HYC	CONS	PRCD	PICSUR	FR Bondco	€280		1	EMEA	Nov 5, 2025

Tranche #1FR Bondco

currency

EUR

size (m)

280.000

maturity

Oct 31, 2032

type

Fixed

tenor

7.000

call

3.00

registration

144A/Reg S

benchmark

DBR

ranking

Sr. Unsecured

moody's

Caa1

s&p

CCC+

fitch

CCC+

size description

re-open/tap

ipt

low 7s

ipt-pxd

guidance

7.00% area (+/- 12.5)

spread

443

coupon

6.875%

spread set

price

100.00000

yield

6.875%

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

First Pay: 2026-07-01; Redemption: 2028-10-31; Registration: 144A/Reg S; Comments: B&D: HSBC. CoC: 101%;

Use of Proceeds

To fund the tender offer for Picard Bondco's EUR310m 5.375% (currently paying 5.50%) sustainability-linked sr notes due 07/01/27 held pursuant to Reg S

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Explore all other Commentary & Deal Flow

	PRICED: FR Bondco (Picard) E280m 7NC3 sr notes 6.875% area	Nov 5, 2025
	PX TALK: FR Bondco (Picard) E280m 7NC3 sr notes 7% area, pxg today	Nov 5, 2025
	IPT: FR Bondco (Picard) E280m 7NC3 sr notes low 7s, pxg tomorrow	Nov 4, 2025
	NEW ISSUE: FR Bondco (Picard) E280m 7NC3 sr notes on the road	Nov 3, 2025

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FR Bondco (PICSUR)

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