Book size: 2200; Registration: Reg S Only; Comments: EUR600m 5yr fxd cpn 4.00% at 99.955, yld 4.01%. Spread: MS+130bps. DBR 0 02/15/31 +147.0bps (@ 88.40)/ HR 105%. MWC: B+25. Par Call: 3m. CoC: 100%.Tax Call: Yes. Clean-Up Call: 75%. Special Redemption Event : 101%. LEI: 724500XYIJUGXAA5QD70;
Book size: 1100; Registration: Reg S Only; Comments: EUR500m 10yr fxd cpn 4.625% at 99.796, yld 4.651%. Spread: MS+170bps. DBR 2.9 02/15/36 +171.7bps (@ 99.70) / HR 92%. MWC: B+30. Par Call: 3m. CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 724500XYIJUGXAA5QD70;
Deal Comments
Reoffer: 5yr: MS+130bp / 99.955 / 4.010% 10yr: MS+170bp / 99.796 / 4.651%
Benchmark: 5yr: DBR 0 15-Feb-31 @ 88.40 / B+147.0bp / HR 105% 10yr: DBR 2.9 15-Feb-36 @ 99.70 / B+171.7bp / HR 92%
Final Books: 5yr: €2.2bn+ 10yr: €1.1bn+
Launched:
5yr: €600m @ MS+130bp - Books > €1.55bn
10yr: €500m @ MS+170bp - Books > €1.1bn
IPTs: 5yr: MS+145a 10yr: MS+185a
Issuer: Akzo Nobel N.V. (Ticker: AKZANA, Country: NL)
Issuer LEI: 724500XYIJUGXAA5QD70
Issuer Ratings (Moody’s / S&P): Baa3 (stable) / BBB (negative)
Exp. Issue Ratings (Moody’s / S&P): Baa3 / BBB
Status: Senior, Unsecured
Issuer ESG Rating: AAA (MSCI)
Format: Reg S Bearer, New Global Note
Settlement Date: 25-Mar-26 (T+7)
Size:
5-year FXD: €600m
10-year FXD: €500m
Maturity:
5-year FXD: 25-Mar-31
10-year FXD: 25-Mar-36
Reoffer:
5-year FXD: MS+130bps / 4.010% / 99.955
10-year FXD: MS+170bps / 4.651% / 99.796
Coupon:
5-year FXD: 4.000% Fixed, Annual, Act/Act (ICMA)
10-year FXD: 4.625% Fixed, Annual, Act/Act (ICMA)
Benchmark:
5-year FXD: DBR 0 15-Feb-31 +147.0bps (@ 88.40)/ HR 105%
10-year FXD: DBR 2.9 15-Feb-36 +171.7bps (@ 99.70) / HR 92%
MWC:
5-year FXD: B+25bps
10-year FXD: B+30bps
TOE/FTT:
5-year FXD: 15.02 UKT / 15.30 UKT
10-year FXD: 15.03 UKT / 15.30 UKT
ISIN:
5-year FXD: XS3324546251
10-year FXD: XS3324547655
Common Code:
5-year FXD: 332454625
10-year FXD: 332454765
UoP:
5-year FXD: General corporate purposes, which include financing the merger with Axalta
10-year FXD: General corporate purposes
Special Redemption Event (Issuer Call):
5-year FXD: Yes (optional, in whole) @ 101.00%
10-year FXD: No
Special Redemption Event: A Special Redemption Event shall be deemed to have occurred if the Issuer (i) has not completed and closed the merger with Axalta by 18-May-27 (the “Special Redemption Longstop Date”); or (ii) has published an announcement that it no longer intends to pursue the merger with Axalta
Joint Bookrunners: Barclays, Deutsche Bank (B&D), ING, Santander, Société Générale
Selling restrictions: As per the Base Prospectus dated 05-Mar-26 (Reg. S Compliance Category 2; TEFRA D)
Documentations: EMTN Programme dated 05-Mar-26 / Clean-Up Call Option at Par (75%) / Make Whole Call / 3-month Par Call / Tax Call at Par / CoC at Par
Listing: Luxembourg Stock Exchange (regulated market)
Governing Law: English Law
Denominations: €100k + €1k
MiFID II/ UK MiFIR Product Governance / Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared. No sales to retail in the EEA or the United Kingdom
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus dated 05-Mar-26 and the final terms, when published, will be available, at: https://www.luxse.com/
Stabilisation: Relevant stabilisation languages apply
Use of Proceeds
5yr: General corporate purposes, which include financing the merger with Axalta. 10yr: General Corporate Purposes