Commentary & Deal Flow

Priced: 6NC2: 5.125% at 100; 7NC1 E+300bp at 100
Benchmark: 6NC2: DBR 0 15-Feb-32 / +239bp

Launched: 6NC2: €350m @ 5.125% 7NC1: €450m @ E+300bp at par
Guidance: 6NC2: 5.25% area 7NC1: E+300-325bp at par
IPTs: 6NC2: Mid-to-High 5%s 7NC1: E+Low-to-Mid 300s at par

• Issuer: Kapla Holding S.A.S.
• Ticker: KILOTO
• Business: Leading European B2B and B2C equipment rental provider
• Currency: €
• Total Size: €800m
• Instruments: Senior Secured Fixed Rate Notes, Senior Secured Floating Rate Notes
• Instrument size:
• • Fixed Rate: €350m
  • Floating Rate: €450m
• Maturities:
• • Fixed Rate: 30-Apr-32
  • Floating Rate: 30-Apr-33
• Coupon:
• • Fixed Rate: 5.125%
  • Floating Rate: 3mE+300bps
• Offering Price:
• • Fixed Rate: 100
  • Floating Rate: 100
• Yield to Maturity: 5.125% (Fixed Rate)
• Corporate Rating: B1 (Stable) / B+ (Stable) (Moody's/S&P)
• Instrument Rating: B1 / B+ (Moody's/S&P)
• Interest Payment Dates:
• • Fixed Rate: Semi-annual: 15-Apr, 15-Oct commencing 15-Oct-26
  • Floating Rate: Quarterly: 15-Mar, 15-Jun, 15-Sep, 15-Dec commencing 15-Apr-26
• First Call Date:
• • Fixed Rate: 30-Apr-28
  • Floating Rate: 30-Apr-27
• Optional Redemption:
• • Fixed Rate: NC2 (50/25/par)
  • Floating Rate: NC1/par
• Equity Clawback: Up to 40% at 105.125% until 30-Apr-28
• Call Schedule:
• • Fixed Rate: 30-Apr-28: 102.56250%, 30-Apr-29: 101.28125%, 30-Apr-30: 100
  • Floating Rate: 30-Apr-27: 100
• Change of Control: Put @ 101% of principal plus accrued interest
• Use of Proceeds: Along with EUR6m cash on hand, to refinance its EUR800m ssr sec FRN due 07/31/30 (callable at 100), pay fees and expenses.
• Distribution: Reg S / 144A, no reg rights
• Denomination: €100k x 1k
• Listing: Luxembourg Stock Exchange
• Governing Law: New York
• Global Coordinators and Physical Bookrunners: CACIB (B&D – Fixed), JPM (B&D – FRN)
• Joint Bookrunners: BNP, Natixis, SG, GS, CIC
• ISIN:
• • Fixed Rate (Reg S): XS3356048812
  • Fixed Rate (144A): XS3356048903
  • Floating Rate (Reg S): XS3356049208
  • Floating Rate (144A): XS3356049463
• Common Codes:
• • Fixed Rate (Reg S): 335604881
  • Fixed Rate (144A): 335604890
  • Floating Rate (Reg S): 335604920
  • Floating Rate (144A): 335604946
• Trade Date: 23-Apr-26
• Settlement Date: 05-May-26 (T+7)
• TOE: 23-Apr-26 15:55 UKT
• FTT: 23-Apr-26 16:45 UKT