Commentary & Deal Flow

Price Talk: EUR 5.75NC2: 5.25-5.50% USD 5NC2: 6.25-6.50%

• Issuer: CANPACK Group, Inc. / CANPACK S.A.
• Ticker: CANPCK
• Corporate Ratings: BB/BB (S&P/Fitch)
• Expected Issue Ratings: BB/BB (S&P/Fitch)
• Format: 144A/Reg S
• Ranking: Senior Notes
• Size:
• • EUR: €400m
  • USD: US$400m
• Maturity Date:
• • EUR: 27-Jan-32
  • USD: 27-Apr-31
• Price Talk:
• • EUR: 5.25-5.50%
  • USD: 6.25-6.50%
• 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.
• 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.
• Governing Law: New York
• Denominations:
• • EUR: €100k x €1k
  • USD: US$200k x US$1k
• 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
• Timing: Books close at 10:00 AM ET / 15:00 UKT 16-Apr-26.
• 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.