Commentary & Deal Flow

US$ IPT: 6.50%-6.75%; EUR IPT TBD.

CANPACK Group, Inc. / CANPACK S.A., rated BB/BB (S&P/Fitch), has mandated Citi, Wells Fargo Securities, BNP Paribas, J.P. Morgan, ING, and PKO Bank Polski to arrange a Global Investor Call scheduled for Wednesday, 15-Apr-26.

An expected US$970m equivalent, 144A/Reg S, Senior Notes offering across two tranches (Long 5-Year EUR and 5-Year USD).

• Issuer: CANPACK Group, Inc. / CANPACK S.A.
• TICKER: CANPCK
• Business: Leading global manufacturer of high-quality aluminum cans (can bodies) and aluminum can ends, glass containers and metal closures for the beverage industry and of steel cans for the food and chemical industries, serving customers in approximately 90 countries worldwide.
• HQ: Krakow, Poland
• Issue: Senior Notes
• Size: US$970,000,000 (equivalent.)
• Minimum Size:
• • EUR: €400,000,000
  • USD: US$400,000,000
• Maturity:
• • EUR: 5.75-Year
  • USD: 5-Year
• Maturity Date:
• • EUR: 27-Jan-32
  • USD: 27-Apr-31
• Call Protection: NC2 / 50% / 25% / PAR, MWC (T/B+50bp), Equity claw: 2y 40%.
• Settlement Date: 27-Apr-26 (T+7)
• Use Of Proceeds: Net proceeds from the Offering will be used to redeem in full the existing 2.375% EUR Senior Notes due 2027 including accrued and unpaid interest to but excluding the redemption date, repay and cancel the Bridge Loan, and to pay for all fees, costs and expenses related thereto and for general corporate purposes
• Corporate Ratings (S/F): BB (Stable) / BB (Negative)
• Expected Issue Ratings (S/F): BB / BB
• Bond Listing: Application will be made to list the Notes on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF
• Distribution: 144A/RegS
• Governing Law: New York
• Denominations:
• • EUR: €100k x €1k
  • USD: US$200k x US$1k
• Sales into Canada: Yes - Exemption
• Joint Global Coordinators and Joint Physical Bookrunners: Citi, Wells Fargo Securities
• Joint Global Coordinators and Joint Bookrunners: BNP Paribas, J.P. Morgan
• Joint Bookrunners: ING, PKO Bank Polski
• Billing and Delivery:
• • EUR: Citi
  • USD: Wells Fargo Securities
• Marketing: Global Investor Call: Wednesday 15th April at 3:00pm UKT / 10:00am EST
• Timing: pricing 16-Apr-26
• GIC / NetRoadShow Registration: https://www.netroadshow.com/events/login/LE9zwo3jkAhMxWvbnaEAdBxxn1xl2YoPj1j
• GIC Dial-in details:
• • United States (Local): +1 678 974 1374
  • United States (Toll-Free): +1 844 386 0635
  • Access Code: 147252
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPS / UK PRIIPS Key Information Document (KID) has been prepared as not available to retail in EEA or the UK