Commentary & Deal Flow

Reoffer: 7yr: MS+115bp / 99.545 / 4.076%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 96.655 / B+123.1bp / HR 99%

Final Books > €3.1bn. Peak book > €5.1bn (pre-rec, good at guidance)

Launched: 7yr: €500m @ MS+115bp - Books > €5.1bn (pre-rec, good at guidance)
Guidance: 7yr: MS+125a - Books > €4.8bn
IPTs: 7yr: MS+160a

• Issuer: Louis Dreyfus Company Finance BV (Ticker: LOUDRE, Country: NL)
• Issuer LEI: 5493001HHX62PQCEEH95
• Guarantor: Louis Dreyfus Company B.V.
• Guarantor LEI: 54930077YL0GMTEGZD16
• Guarantor Rating: BBB+ stable outlook by S&P
• Exp. Issue Rating: BBB+ by S&P
• Format of the Notes: Senior unsecured, Bearer Reg S, New Global Notes
• Size: €500m
• Maturity Date: 21-Apr-33 (7-year fixed)
• Settlement Date: 21-Apr-26 (T+5)
• Reoffer: 99.545 / MS+115bps / 4.076%
• Coupon: 4.000%, Fixed, Annual, ACT/ACT (ICMA)
• Benchmark: DBR 2.3% 15-Feb-33 @ 96.655 / 2.845% (DBR+123.1bps / HR: 99%)
• Make-Whole Call: B+20bps
• Documentation: EMTN Program / English Law / Luxembourg Stock Exchange, Regulated Market / €100k+€1k / Change of control (put at par) / MWC / Clean-up call (75%) / 3m Par-Call
• ISIN: XS3349815418
• Clearing: Euroclear and Clearstream
• Use of Proceeds: General corporate purposes, investments in accordance with the Group’s investment strategy and refinancing of existing indebtedness
• Active Bookrunners: BNP Paribas, MUFG (B&D), Natixis, Rabobank, SMBC
• Target market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Advertisement: The Base Prospectus is available and the Final Terms (when published) will be available on the website of the Luxembourg Stock Exchange (www.luxse.com) and on the issuer website (https://www.ldc.com)
• TOE: 16.08 UKT / 17.08 CET
• FTT: 16.30 UKT / 17.30 CET