Commentary & Deal Flow

Priced: 5NC2: 5.125% at 100. +240bp vs DBR 0 15-Feb-31

Launched: 5NC2: €450m @ 5.125%
Yield set at: 5NC2: 5.25%a
IPTs: 5NC2: Mid-to-high 5%s

• Issuer: Egis SA
• Ticker: EGIS
• Corporate Ratings: Ba2/BB- (Moody's/Fitch)
• Issue Ratings: Ba2/BB- (Moody's/Fitch)
• Instrument: Senior Notes
• Size: €450,000,000 (up from €400,000,000)
• Trade Date: 29-Apr-26
• Settlement: 13-May-26 (T+8)
• Maturity: 15-May-31
• Coupon: 5.125%
• Issue Price: 100
• YTM: 5.125%
• Spread to Benchmark: 240bps
• Benchmark: DBR 0 15-Feb-31
• Make-Whole: BUNDS + 50bps
• Optional Redemption: NC5
• • Commencing 15-May-28 – 102.563%
  • Commencing 15-May-29 – 101.281%
  • Commencing 15-May-30 – 100.000%
• Equity Claw: Up to 40% @ 105.125
• Interest Payment Dates: Semi Annual, 15 May / 15 November
• First Interest Payment Date: 15-Nov-26
• Day Count: 30/360
• Change of Control: Put @ 101
• Distribution: Reg S / 144A
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York Law
• ISIN:
• • Reg S: XS3348854459
  • 144A: XS3348855266
• Use of Proceeds (UOP): along with cash on hand, to repay EUR300m bridge loan incurred to fund the acquisition of Lochner, repay EUR124m (up from EUR74m) of EUR943m bank debt, and EUR26m for GCP (EUR50m upsize to partially repay term loan).
• Issuer Business: A leading global company providing services to the infrastructure industry (architecture, consulting, engineering, project management, and operations & mobility services (toll roads, railways and airports)). HQ: Saint-Quentin-en-Yvelines CEDEX, France
• Global Coordinators & Joint Active Bookrunners: BNPP (B&D), BofA
• Joint Bookrunners: CACIB, Natixis, SG
• TOE: 18:25 UKT, 28-Apr-26
• FTT: 07:30 UKT, 29-Apr-26
• Target Market: Manufacturer Target Market (MiFID II / UK MiFIR product governance) is Eligible Counterparties and Professional Investors only (all distribution channels). No EU PRIIPs or UK PRIIPs Key Information Document (KID) has been prepared as not available to retail in EEA or in the UK.
• Global Investor Call (GIC): Monday, 27 April @ 10:30am UKT / 11:30am CEST.
• Registration Link: https://events.teams.microsoft.com/event/571f635f-25f2-4105-a175-e101fa776d32@f9aaad51-3595-4cb1-b273-8f0511b3c0c8
• Slides only link: https://www.netroadshow.com/nrs/home/#!/?show=9ff915d9