Commentary & Deal Flow

+++Corrects YTM: 5.145% (not 5.14%)+++

Priced: 5.375% at 101.00, 5.145% YTM. +244bp vs OBL 2.50% 16-Apr-31

Final Terms: EUR500m at 101.00
Price talk: 100.75-101.00
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: €500 million (from up to EUR500m)
• Maturity: 15-Apr-31
• Coupon: 5.375%
• Price: 101.00
• YTM: 5.145%
• Spread: +244bp vs OBL 2.50% 15-April-31
• Call Protection: NCL (MWC B+50bp), 6mo par call (15-Oct-30)
• CoC: 100
• Fungibility: Fungible with the EUR1bn issue priced 01-Apr-26
• Settlement: 11-Apr-26 (T+5)
• Delivery: Euroclear Bank SA/NV / Clearstream Banking, S.A.
• ISIN/Common Code: XS3338785937 / 333878593
• 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: April 15 and Oct 15, 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
• Timing: pricing 15-Apr-26
• Books closed: 2pm UKT 15-Ap[r-26
• 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.
• TOE: 4:17pm UKT 15-Apr-26