Commentary & Deal Flow

King US Bidco Inc (Kelvion) EUR750m sr sec FRN due 2032 (7y). NC1, then at par. Expect B1/B+/BB+ (stable/stable/stable). Via DB (B&D)/JPM jt physical books/Barc/UBS jt glocos/BBVA/Citi/Commerz/ING/MS/NatWest/StanChart/UniCredit jt books, Apollo as co-manager. No reg rights. List ISE. NY law. Denoms: 100kx1k.

IPT: 3mE+375-400bp, 0% floor, at par.

Roadshow (small group meetings) 11/10-11 (investor call at 11am UKT 11/10). UOP: fund the acquisition of a majority stake in Kelvion by Apollo from Triton Partners (which will remain a minority partner), including repaying existing debt, for a total value of around EUR2bn including debt. . Biz: A leading global provider of mission critical heat exchanger solutions with diversified presence across EMEA, Americas and APAC. HQ: Herne, Germany. (Acquisition announced 08/13/25). NetRoadshow / GIC Registration: https://www.netroadshow.com/events/login/LE9zwo3iYyZ4wWTK2v9OkzY9Nf0gz1wnUxs