Commentary & Deal Flow

Priced: 5yr: OBL+383bp / 101.25 / 6.580% YTM
Final price talk: 101.00-101.25
Price Talk: 100.75-101.00

• Issuer: Clariane SE
• Ticker: CLARFP
• Corporate Ratings: B2 (Stable) / B+ (Stable) (Moody's/S&P)
• Issue Ratings: B2 / B+ (Moody's/S&P)
• Instrument: Senior Unsecured Notes (Fungible Tap)
• Currency: EUR
• Offering Size: €230,000,000
• Maturity: 15-Apr-31
• Coupon: 6.875%
• Issue Price: 101.25
• YTM: 6.580%
• Spread to Benchmark: 383bps
• Benchmark: OBL 2.5 16-Apr-31
• Make-Whole: Bunds + 50bps
• Optional Redemption:
• • Commencing 15-Apr-28 – 103.4375%
  • Commencing 15-Apr-29 – 101.71875%
  • Commencing 15-Apr-30 – 100%
• Equity Claw: Up to 40% @ 106.875%
• Special call: 10% per year the first 2 years at 103.
• Interest Payment Dates: Semi Annual, 15 April / 15 October
• First Interest Payment Date: 15-Oct-26
• Day Count: 30/360
• Change of Control: Put @ 101
• Distribution: Reg S
• Denominations: €100k x €1k
• Listing: Euronext Dublin
• Governing Law: New York Law
• ISIN: XS3314100986
• Trade Date: 28-Apr-26
• Settlement: 11-May-26
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas (B&D), CACIB, SG
• Joint Bookrunners: CIC, GS, LBP, Mediobanca, UCI
• Fungibility: Immediately fungible with the original €500m issue priced 10-Apr-26.
• Timing: Books closed 28-Apr, at 12:30 UKT / 13:30 CET. Reconfirm were due by 13:15 UKT / 14:15 CET 04/28
• TOE: 14:52 UKT, 28-Apr-26
• Biz: Europe's leading care service provider with activities in non-acute care, healthy aging and dependency prevention.
• Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Offering Memorandum, when published, will be available on the website of the Euronext website https://live.euronext.com
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (UK or EU MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No UK or EU PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Global Investor Call: 28-Apr-26 at 10:00 UKT / 11:00 CET
  Registration Link: https://evercall.co/oacc/64050
• DealRoadshow Information:
  Visit www.dealroadshow.com and enter the deal entry code: CALYPSOII26