Commentary & Deal Flow

Private placement: Froneri Lux Finco Sarl (ICECR) EUR500m Reg S only private placement add-on to its 4.75% sr sec notes due 08/01/32 (6.5y). NC2.5 (07/15/28) (MWC B+50bp) then on 07/15/28 at 102.375, 07/15/29 at 101.1875, on 07/15/30 and thereafter at 100. Equity claw: 3y 40% at 104.75. Special call: 10% per year the first 3 years at 103. IPO call: up to 100% at 102. B1/BB- (stable/stable). Via GS/HSBC active placement agents/Barc/Citi/DB/UBS passive placement agents. List Lux. NY law. CoC at 101. Pays January 31 and July 31, starting 01/31/26. Settles 01/28. Temporary ISIN: XS3264761456; Permanent ISIN: XS3123695671. Funges after 40 days with the EUR600m issue priced 07/16/25. Price not disclosed. UOP: Finance bolt-on acquisitions, including the FFood Union acquisition, fund continued organic and inorganic growth. Biz: Froneri Intl Ltd is a 50/50 joint venture between the former R&R business (owned by PAI Partners) and Nestle's ice cream and select frozen food business. HQ: Leeming Bar, North Yorkshire, UK.