Commentary & Deal Flow

IPTs: 30NC5.25: 4.875/5.000% 30NC8: 5.375/5.500%

• Issuer: Amprion GmbH (Ticker: AMPRIO; Country: DE)
• LEI: 529900ZIV0ETYHYZM863
• Issuer Ratings: Baa2 (Stable) by Moody’s / BBB+ (Stable) by Fitch
• Expected Instrument Ratings: Baa3 by Moody’s / BBB by Fitch
• Expected Equity Credit: 50% Equity Credit Basket M from Moody’s / 50% Equity Credit from Fitch
• Ranking of Notes: Unsecured and subordinated, senior to Junior Obligations, pari passu among themselves and with the Parity Obligations; and junior to all Senior Obligations
• Format: Reg S, Bearer form; Notes are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
• Pricing Date: 20-Apr-26
• Settlement Date: 28-Apr-26 (T+6)
• Size:
• • 30NC5.25: €500m (WNG)
  • 30NC8: €500m (WNG)
• IPTs:
• • 30NC5.25: 4.875/5.000% (annual yield)
  • 30NC8: 5.375/5.500% (annual yield)
• First Call Date:
• • 30NC5.25: 28-Apr-31 (3 months before the First Reset Date)
  • 30NC8: 28-Jan-34 (3 months before the First Reset Date)
• First Reset Date:
• • 30NC5.25: 28-Jul-31
  • 30NC8: 28-Apr-34
• Maturity: 28-Apr-56
• Interest Payment:
• • 30NC5.25: Fixed rate, [•]% per annum, payable annually in arrear, from the Issue Date until the First Reset Date. Then, reset every 5 years to then applicable 5yr EUR Mid-Swap Rate plus the Initial Margin + relevant step-up. (ii) Short first and short final coupon
  • 30NC8: Fixed rate, [•]% per annum, payable annually in arrear, from the Issue Date until the First Reset Date. Then, reset every 5 years to then applicable 5yr EUR Mid-Swap Rate plus the Initial Margin + relevant step-up.
• Step-ups:
• • 30NC5.25: 28-Jul-36 (First Step-up Date): +25 bps 28-Jul-51 (Second Step-up Date): +75 bps (100 bps in aggregate)
  • 30NC8: 28-Apr-39 (First Step-up Date): +25 bps 28-Apr-54 (Second Step-up Date): +75 bps (100 bps in aggregate)
• Optional Interest Deferral: Interest payment can be deferred on any Interest Payment Date at the option of the Issuer on a cumulative basis (non-compounding)
• Optional Settlement of Deferred Interest Payments and Mandatory payment of Deferred Interest Payments: Applicable, in accordance with any “Mandatory Settlement Date” (e.g. Dividend Payments) as defined in the Terms and Conditions of the Notes, including mandatory payment of deferred interest payments inter alia upon 5th anniversary of initial deferral
• Optional Par Redemption: Issuer call option at par on any date from First Optional Redemption Date up to and including the First Reset Date (3 months par call) and on any Interest Payment Date thereafter, together with accrued interest and any outstanding payments
• Special Event Redemption: Optional Redemption following an Income Tax Deduction Event, and a Rating Agency Event at 101% before the First Optional Redemption Date and at par thereafter Optional Redemption following a gross-up event or a minimal outstanding aggregate principal amount (≥75% repurchased or redeemed) at par
• Make-Whole Call Option: Applicable, until First Optional Redemption Date
• Replacement Language: Intentional replacement language subject to customary exemptions (non-binding)
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes will be used specifically to finance and / or refinance Eligible Assets in accordance with certain eligibility criteria set out in the Green Financing Framework. Additional information on the Green Financing Framework is available on the website of Amprion GmbH
• Change of Control: If a Change of Control Event occurs and the Issuer does not redeem the Notes in whole, the rate applicable for calculating the interest will be subject to an additional 500 basis points per annum above the otherwise applicable Reset Interest Rate from the Interest Payment Date immediately following the Optional Redemption Date (CoC)
• ISIN:
• • 30NC5.25: DE000A46ZYH0
  • 30NC8: DE000A46ZYJ6
• Denominations: €100k + €100k
• Listing: Luxembourg Stock Exchange / EuroMTF
• Clearing Systems: Clearstream Europe AG
• Governing Law: German Law
• Documentation: EMTN Base Prospectus dated 17-Apr-26
• Green Financing Framework and Second Party Opinion: The applicable Green Financing Framework and the Sustainalytics’ SPO both dated August 2022 are available on the issuer's website. Please note that both documents do not constitute part of the offering
• Joint Global Coordinators: ING (B&D), UniCredit
• Structuring Advisor: UniCredit
• Joint Active Bookrunners: Commerzbank, ING (B&D), LBBW, Morgan Stanley, SEB, UniCredit
• Target Market / PRIIPs: Manufacturer target market is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID / CCI Regulations disclosure document – No EEA PRIIPs (KID)/ CCI Regulations disclosure document has been prepared as not available to retail in EEA or UK
• Selling Restrictions: As per the Base Prospectus dated 17-Apr-26
• Timing: Books open, today's business
• Marketing: NetRoadshow Details: https://dealroadshow.com with entry code: AMPRION2026 / https://dealroadshow.com/e/AMPRION2026