Commentary & Deal Flow

Price talk: Fixed: 6.25%-6.50% at par; Floating: E+400 at 99.5
IPTs: Fixed: Mid-High 6s @ Par; Floating: E+400/425 @ 99.5

• Company: Golden Goose
• Issuer: GG12 S.p.A.
• TICKER: GOLGOO
• Shareholders: HSG (Hong Shau Capital Group) (51.97%), Temasek (15.1%), QIA (11.33%), Permira (will retain 12% and other minority investors
• 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
• Corporate Ratings: B2/BB- (stable/stable) (Moody's/S&P)
• Instrument Ratings: B2/BB- (Moody's/S&P)
• Format: 144A/Reg S for life
• Total Size: €880m
• Tranche Size:
• • Fixed: EUR530m (from Min. €350m)
  • Floating: EUR350m (from Min. €350m)
• Tenor: 7yr
• Call Structure:
• • Fixed: 7NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. IPO call: at any time and from time to time with net cash proceeds of an IPO at 102.
  • Floating: 7NC1 (MWC B+50bp) (par). IPO call: at any time and from time to time with net cash proceeds of an IPO at 102.
• Use of Proceeds: fund the LBO of Golden Goose by HSG (Hong Shau Capital Group) (51.97%), Temasek (15.1%), QIA (11.33%) and other minority investors from Permira (will retain 12%) and other existing investors for EUR2.234bn enterprise value, including the repayment of its EUR480m sr sec FRN due 05/15/31 (callable 05/15/26 at 100), and EUR94m for GCP. Sponsor equity: EUR1.508bn (including rollover equity). Closing is expected in Q2 2026. (Acquisition announced 12/19/2025).
• SMR: at 100 if the acquisition has not been consummate by 02/28/2027
• CoC: at 101
• Denominations: €100,000 x €1,000
• 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
• Timing: Roadshow (small group meetings) April 13-15 (investor call 10:30am UKT April 13). Books close at 3pm UKT April 14. Pricing April 14.
• HQ: Milan, Italy
• GIC Registration Details: https://evercall.co/oacc/31921; Dealroadshow Direct Link: https://dealroadshow.com/e/GG2026GIC; Dealroadshow Code: GG2026GIC.