Commentary & Deal Flow

Final Books ~€2.95bn. Peak book ~€2.85bn (pre-rec).

Launched: 4.5yr: €500m @ MS+73bp - Books ~€2.85bn (excl. JLM), pre-rec
IPTs: 4.5yr: MS+105/110bp

• Issuer: Vier Gas Transport GmbH (Ticker: VGASDE, Country: DE)
• Issuer Rating: BBB+ stable (S&P)
• Expected Issue Rating: BBB+ (S&P)
• Issuer LEI: 529900AGED6PJE9AVL37
• Format: Senior unsecured, RegS, Bearer Note, Global Note in NGN form, TEFRA D rules apply
• Pricing Date: 14-Apr-26
• Settlement Date: 21-Apr-26 (T+5)
• Maturity: 21-Oct-30 (4.5 years)
• Size: €500m
• ISIN: XS3343287838
• Coupon: Short first, fixed rate, annual, ACT/ACT (ICMA)
• Reference Gilt: DBR 0 15-Aug-30 (TWIN) / HR 108%
• Hedge Deadline: 15:15 UKT / 16:15 CET
• UoP: General Corporate Purposes including refinancing of existing debt
• Docs: €7bn DIP dated 09-Apr-26/ Luxembourg listing, regulated market / German Law / EUR 100k+100k / MWC / 3-month Issuer par call / Tax Call / Clean-up Call (75%)
• Selling Restrictions: US (RegS, TEFRA D), the European Economic Area, United Kingdom (including prohibitions of sales to EEA and UK retail investors) and Japan. See the Base Prospectus for further information.
• Target Market: Manufacturer target market (MiFID II/UK product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as not available to retail in the EEA or the UK.
• Global Coordinators: BNP Paribas, ING, UniCredit
• Active Bookrunners: BNP Paribas, Commerzbank, DZ BANK, ING, RBC Capital Markets, UniCredit
• B&D: ING
• Timing: Books closed, allocation and pricing to follow
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements are available and the Final Terms, when published, will be available at: https://www.luxse.com/programme/Programme-VierGasTranspor/14502
• Marketing: NetRoadshow Details: https://dealroadshow.com with entry code: VIERGT26 / direct link: https://dealroadshow.com/e/VIERGT26