Commentary & Deal Flow

FR Bondco (Picard) (PICSUR) EUR280m 144A/Reg S sr notes due 2032 (7y). NC3 (50%,25%,par). Existing Caa1/CCC+/CCC+ (stable/stable/stable). Via BNP/HSBC (B&D) jt glocos and physical books/GS jt books. No reg rights. List ISE. NY law. Denoms: 100kx1k. Roadshow (virutal) 11/03-04 (investor call at 10:30am 11/03). UOP: along with cash on hand, 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 (144A notes are not eligible) (purchase price of 100.200). Notes not tendered will be called on 01/01/26 at par, or at the current call price of 101.344, or at the tender offer price if 90% or more of the notes are purchased in the tender offer. Dealer managers: BNP/HSBC. Equity sponsors: the Zouari family (50.4%) and ICG (through IGZ) (49.6%). Biz: FR Bondco is an indirect shareholder of Picard Bondco, a leading retailer of frozen food products in France. HQ: Issy-les-Moulineaux, France.

Investor call registration: https://evercall.co/oacc/19610.

DealRoadshow link: https://dealroadshow.com/e/PICARD25GIC.