Commentary & Deal Flow

Guidance: 7yr: 100.750-101.000

IPTs: 7yr: 100.500-100.750

• Issuer: FiberCop S.p.A.
• Ticker: FIBCOP
• Business: Digital Utility of Italy providing mission-critical digital infrastructure through a leading national fixed-line wholesale network
• Issue: Senior Secured Notes Fungible Tap
• Rating Split: CFR: Ba1 (Negative) / BB+ (Stable) / BB (Stable) (Moody's/S&P/Fitch), Issue: Ba1 / BB+ / BB+ (Moody's/S&P/Fitch)
• Format: Reg S only
• Size: Up to €500 million
• Maturity: 15-Apr-31
• Coupon: 5.375%
• Call Protection: NCL (MWC B+50bp), 6mo par call (15-Oct-30)
• CoC: 100
• Fungibility: Fungible with the EUR1bn issue priced 01-Apr-26
• Use of Proceeds: Proceeds from the issuance will be used to fund the tender of SSNs due Oct’27, Feb’28 and Jul’28
• Interest Payments: 15-Apr and 15-Oct, starting 16-Oct-26
• Denominations: €100k v €1k
• Governing Law: English law, save for mandatory provisions of Italian law
• Listing: Luxembourg Stock Exchange
• Joint Global Coordinators and Active Bookrunners: BofA Securities (B&D), J.P. Morgan, KKR Capital Markets
• Joint Active Bookrunners: Citigroup, UniCredit
• Joint Bookrunners: BBVA, BNP Paribas, CIBC, Crédit Agricole CIB, Mediobanca, Mizuho, MUFG, Scotiabank
• Equity sponsors: KKR (37.8%), ADIA (17.5%), CPPIB (17.5%), the Italian Ministry of Economy and Finance (16%), F2i (11.2%).
• DealRoadshow URL: https://dealroadshow.com
• DealRoadshow Password: FIBERCOP
• DealRoadshow Direct Link: https://dealroadshow.com/e/FIBERCOP
• Books Subject: Books close today, 15-Apr-26 at 2:00pm UKT / 3:00pm CET
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or CCI product summary.