Commentary & Deal Flow

GG12 S.p.A., a global luxury brand (rated B2/BB- by Moody's/S&P), has mandated Goldman Sachs International (B&D), J.P. Morgan, UBS Investment Bank, Citigroup, Deutsche Bank and UniCredit to arrange a series of fixed income investor calls scheduled from 13-Apr-26 to 15-Apr-26.

An expected €880m, 144A/Reg S, 7yr Senior Secured Fixed and Floating Rate Notes offering in two tranches will follow, subject to market conditions.

• Company: Golden Goose
• Issuer: GG12 S.p.A.
• Shareholders: HSG, Temasek, QIA, Permira, other minorities
• Business: Golden Goose is a global luxury brand best known for its iconic sneakers, operating across Europe, the Americas and Asia through 232 directly operated stores as of 31 December 2025, with footwear as the core category alongside ready‑to‑wear, accessories and bags
• Expected Corporate Ratings (M / S): B2 (Sta) / BB- (Sta)
• Expected Instrument Ratings (M / S): B2 / BB-
• Total Size: €880m
• Tenor: 7yr
• Currency: EUR
• Security:
• • Senior Secured Fixed Rate Notes
  • Senior Secured Floating Rate Notes
• Tranche Size:
• • Fixed: Min. €350m
  • Floating: Min. €350m
• Call:
• • Fixed: NC3, 50%, 25%, par
  • Floating: NC1, par
• Use of Proceeds: Acquisition financing, repayment of certain existing debt (including Golden Goose’s outstanding FRNs), cash overfunding of Golden Goose and transaction fees and expenses
• Denominations: €100,000 x €1,000
• Distribution: RegS / 144A for life
• Listing: Application will be made to list the Notes on the Official List of the Luxembourg Stock Exchange
• Governing Law: New York
• Joint Global Coordinators and Joint Physical Bookrunners: Goldman Sachs International (B&D), J.P. Morgan, UBS Investment Bank
• Joint Bookrunners: Citigroup, Deutsche Bank, UniCredit
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / DISC key information document (KID) has been prepared as not available to retail in EEA or the UK
• GIC Timing: Monday, 13-Apr-26, 10:30 UKT / 11:30 CET
• Small Group Meetings: Monday, 13-Apr-26 - Wednesday, 15-Apr-26
• GIC Registration Details: https://evercall.co/oacc/31921
• Dealroadshow Direct Link: https://dealroadshow.com/e/GG2026GIC
• Dealroadshow Code: GG2026GIC