NEW ISSUE: TDC Brands €550m 5NC2 Snr Sec; Mid-High 8%s

EMEA IG: Deal Flow - CORP

Price talk: 8.00%-8.25%

IPTs: 5NC2: Mid-High 8%s

• Issuer: TDC Brands A/S
• Ticker: TDCDC
• Issue: Senior Secured Notes
• Currency: €
• Total Size: €550m
• Tenor: 5 years
• Call Protection: 5NC2 (50%/ 25% / Par). MWC B+50bp. Equity claw: 2y 40%
• Instrument Ratings: NR/(expected B)/B+ (--/--/stable) (Moody's/S&P/Fitch)
• Distribution: Reg S / 144A no reg rights
• Min Denoms.: €100,000 x €1,000
• Governing Law: New York Law
• Listing: The International Stock Exchange (TISE)
• Target Market: Eligible counterparties and professional clients only
• CoC: 101
• Joint Physical Bookrunners: Goldman Sachs International (B&D), Barclays, Deutsche Bank
• Nordic Joint Physical Bookrunners: Nordea, SEB
• Debut issuer
• UoP: along with EUR47m new equity, to refinance existing debt (EUR500m term loan B), add cash on balance sheet, payment of fees and expenses in connection with the offering and EUR90m for general corporate purposes
• Equity sponsors: Macquarie Asset Management (50%) and Danish pension funds PKA, PFA, and Sampension
• Business: TDC Brands (formerly Nuuday) is Denmark’s leading and largest digital service provider, delivering connectivity, communication, and entertainment solutions to households and businesses
• Headquarters: Copenhagen, Denmark
• Global Investor Call Timing: Monday, 20-Apr-26 at 11:00 UKT / 12:00 CET
• Registration Link / Slides: https://www.netroadshow.com/events/login/1PeTHmojEioDgUkLpPY3uCSP25PcbMYRUfIkJ
• Small Group Meetings: Monday, 20-Apr-26 to Tuesday, 21-Apr-26
• Timing: books close at 3pm UKT 21-Apr; Pricing 21-Apr