Commentary & Deal Flow

IPTs: 7yr: MS+125-130bp

• Issuer: Alimentation Couche-Tard Inc. (Ticker: “ATDBCN” / Country: CA)
• Issuer Ratings: Baa1 (Stable) / BBB+ (Stable) (Moody’s/S&P)
• Exp. Ratings: Baa1 / BBB+ (Moody’s/S&P)
• Subsidiary Guarantee: The Notes will be fully and unconditionally guaranteed on an unsecured, unsubordinated basis by certain of ACT’s wholly-owned subsidiaries who are guarantors under ACT’s Senior Credit Facilities (as defined in the Issuer’s Preliminary Offering Memorandum)
• Format: 144A/Reg S
• Ranking: Senior Unsecured Notes
• Settlement: 21-Apr-26 (T+5)
• Issuer LEI: 549300OSW32RVX8CCZ87
• Size: € Benchmark
• Maturity: 21-Apr-33
• IPTs: MS+125-130bps
• Coupon: Fixed, Annual, Act/Act (ICMA)
• MWC: Yes
• Par Call: Yes (3mo)
• Tax Call: Yes
• CoC: Yes (101%)
• ISIN & Common Code:
• • 144A: XS3327698802 / 332769880
  • Reg S: XS3327698711 / 332769871
• Use of Proceeds: The Company expects to use the net proceeds from the sale of the Notes primarily for the repayment of indebtedness, including without limitation the refinancing of the 2026 Euro Notes, and to pay certain fees and expenses in connection therewith.
• Documentation: Euronext Dublin / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per the Issuer's Preliminary Offering Memorandum
• Sales into Canada: Yes, via wrapper
• Joint Bookrunners: J.P. Morgan (B&D), Wells Fargo Securities, Barclays, BNP Paribas, Rabobank
• Timing: Books open, today's business
• Marketing:
• • URL: https://dealroadshow.com
  • Entry Code: ACT2026
  • Direct Link: https://dealroadshow.com/e/ACT2026
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market: MiFID II and UK MiFIR - professionals/ECPs-only / No PRIIPs or UK PRIIPs key information document (KID) – Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID or UK PRIIPs KID has been prepared as the notes are not available to retail investors in the European Economic Area or the UK.