Commentary & Deal Flow

Final terms:
EUR350m 6NC2: €350m @ 5.125%
EUR450m 7NC1: €450m @ E+300bp at par

Guidance: 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: €350m
  • Floating Rate: €450m
• Tenors / Maturities:
• • Fixed Rate: 6 years (Apr-32)
  • Floating Rate: 7 years (Apr-33)
• Final Terms: 6NC2: 5.125% 7NC1: E+300bps / par
• 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
• Corporate Rating: B1 (Stable) / B+ (Stable) (Moody's/S&P)
• 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 closed at 12:30 UKT / 13:30 CET today (23-Apr), pricing and allocations to follow this afternoon