Commentary & Deal Flow

King US Bidco Inc (Kelvion) (KINGUS) EUR750m 144A/Reg S sr sec FRN due 12/01/32 (7y). NC1 (12/01/26) (MWC B+50bp), then at 100. Equity claw: 1y 40%. 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. SMR at 100 if the acquisition is not completed within 1 year of the issue date. CoC at 101. Floats/pays quarterly, starting 04/15/26. Denoms: 100kx1k. Settles 12/01 (T+13). Reg S ISIN: XS3233507287. IPT: 3mE+375-400bp, 0% floor, at par. Price talk: E+350bp area (+/- 12.5bp) at par. Final price talk: E+325bp - 337.5bp at par.

Priced: 3mE+325bp (0% floor) at 100.

Roadshow (small group meetings) 11/10-11 (investor call at 11am UKT 11/10). Books closed at 2:30pm UKT 11/12. Reconfirms were due by 3:45pm UKT 11/12. UOP: fund the acquisition of a 68% majority stake in Kelvion by Apollo from Triton Partners (which will remain a 32% minority partner), including repaying existing debt, for a total value of around EUR2bn including debt. The sponsors will contribute EUR1.1bn in equity. 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

Doc changes posted on Netroadshow: www.netroadshow.com/nrs/home/#!/?show=6402d66c