Commentary & Deal Flow

Nestle Capital Corp (NESNVX) exp Aa3/AA- (s/n) US$ benchmark 144A/Reg S no reg rights 3-part sr notes (5y FXD due 3/18/31, 7y FXD due 3/18/33 and 10y FXD due 3/18/36). MWC then 1mo parr call on 5y (2/18/31), 2mos on 7y (1/18/33) and 3mos on 10y (12/18/35). BofA (B&D on 7y)/Citi/HSBC/JPM (B&D on 10y)/RBC (B&D on 5y) joint active books. Guarantor: Nestle SA. Denoms: 150,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Netroadshow: www.netroadshow.com/nrs/home/#!/?show=2d0e1d3a (Recommended) OR visit www.netroadshow.com and enter the entry code: Nestle2026 (not case-sensitive). Pricing 3/11. Settle 3/18 (T+5). IPTs: 5y T+70 area, 7y T+80 area, 10y T+90 area.

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