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Commentary & Deal Flow

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Kapla Holding SAS (Kiloutou)

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Kapla Holding SAS (Kiloutou)

by Stephen Carter

Apr 23, 2026 5:47 AM ET

PX TALK: Kiloutou €800m sr sec 2-part, E300m min 6NC2 fixed 5.25%a, E300m min 7NC1 FRN E+300-325bp at par, pxg today

HYC European Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	Px talk
Kapla Holding	6NC2	2y	Apr-32	Min €300m	Snr Sec	Fixed	Mid-to-High 5%s	5.25%a
Kapla Holding	7NC1	1y	Apr-33	Min €300m	Snr Sec	Floating	E+Low-to-Mid 300s at par	E+300/325 at par

Price talk: 6NC2 fixed 5.25% area (+/- 12.5bps), 7NC1 FRN E+300-325bps at par

IPTs: 6NC2: Mid-to-High 5%s 7NC1: E+Low-to-Mid 300s at par

Issuer: Kapla Holding S.A.S. (Kiloutou)
Ticker: KILOTO
Business: Leading European B2B and B2C equipment rental provider. HQ: Villeneuve-d’Ascq, Lille, France.
Currency: €
Total Size: €800m
Instruments:
- Senior Secured Fixed Rate Notes
- Senior Secured Floating Rate Notes
Instrument size:
- Fixed Rate: Minimum €300m
- Floating Rate: Minimum €300m
Tenors / Maturities:
- Fixed Rate: 6 years (Apr-32)
- Floating Rate: 7 years (Apr-33)
Optional Redemption:
- Fixed Rate: NC2 (50/25/par). MWC B+50bp. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103
- Floating Rate: NC1/ par. MWC B+50bp
Existing Corporate Rating: B1 (Stable) / B+ (Stable) (Moody's/S&P)
Existing Instrument Rating: B1 / B+ (Moody's/S&P)
Use of Proceeds: Together with EUR6m cash on balance sheet, to refinance its EUR800m ssr sec FRN due 31-Jul-30 (callable at 100), and pay certain fees, costs and expenses incurred in connection with the transaction
Format: 144A/Reg S
Denominations: €100k x 1k
CoC: 101
Listing: Luxembourg Stock Exchange
Governing Law: New York
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
Global Coordinators and Physical Bookrunners: CACIB (B&D – Fixed), JPM (B&D – FRN)
Joint Bookrunners: BNP, Natixis, SG, GS, CIC
Equity sponsors: HLD/Dentressangle
Global Investor Call: Wednesday, 22-Apr @ 12:00 UKT / 13:00 CET. To attend, please register at: https://evercall.co/oacc/85298
Meetings: Virtual meetings available 22-Apr – 23-Apr
Roadshow: Direct link: https://dealroadshow.com/e/K42026. Alternatively, please visit: https://dealroadshow.com/ and enter the deal access code: K42026
Timing: Books close at 12:30 UKT / 13:30 CET today (23-Apr). Pricing 23-Apr UK afternoon