Commentary & Deal Flow

Reoffer: 6yr: MS+100bp / 99.394 / 3.865%
Benchmark: 6yr: DBR 0 Feb-32 @ 85.475 / B+113.4bp / HR 108%

Final Books > €3.7bn. Peak book above €4.1bn (pre rec)

Launched: 6yr: €600m @ MS+100bp - Book above €4.1bn (pre rec)
Guidance: 6yr: MS+105a (+/-5 WPIR) - Book above €4.6bn (pre rec)
IPTs: 6yr: MS+140/145bp

• Issuer: Indigo Group (Ticker: VPARKI, country: France)
• Issuer LEI: 213800H5J9NKEXSUQX44
• Issuer rating: BBB stable outlook by S&P
• Rating of the bonds: BBB by S&P
• Format: Reg S bearer dematerialised senior unsecured (Cat.2)
• Pricing Date: 16-Apr-26
• Settlement: 24-Apr-26 (T+6)
• Size: €600m
• Maturity: 24-Apr-32 (6 yr)
• Reoffer: m/s+100bps / 99.394 / 3.865%
• Coupon: 3.75% Fxd, Ann, Act/Act (ICMA)
• Benchmark: 113.4bps vs DBR 0 Feb-32 (85.475) HR: 108%
• Global Coordinators: BNP Paribas, Crédit Agricole CIB, NatWest(B&D)
• Active Bookrunners: BBVA, Natixis, Santander
• Passive Bookrunners: HSBC, Société Générale
• Documentations: EMTN Base Prospectus / French Law / 3m Par Call / MWC (B+20bps) / Clean-up @75% / CoC
• Denominations: €100k + 100k
• Listing: Euronext Paris
• UoP: General Corporate Purposes, including the partial refinancing of the Issuer's €800,000,000 bonds due on 19-Apr-28 (ISIN: FR0013330099) and €650,000,000 bonds due on 18-Apr-30 (ISIN: FR001400LCK1) as well as the expected refinancing of some of the amounts drawn by the Issuer under a syndicated credit facility, to which some of the Joint Bookrunners are a party.
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• TOE / FTT: 16.23 UKT / 16.45 UKT
• ISIN: FR0014017MC9
• Selling Restrictions: As set out in the EMTN Base Prospectus dated 30-Mar-26
• Advertisement: The Final Terms will be made available on the Autorité des Marchés Financiers website: https://www.amf-france.org and on the Issuer website: https://www.group-indigo.com/en/investisseur/regulated-information/