Commentary & Deal Flow

Priced: 7NC3: 5.75% / 100
Benchmark: DBR 2.3% 15-Feb-33 / Spread +289bp

Final terms: 7NC3 $750m at 5.75%

Price talk: 7NC3: 5.75-6.00%

Upsized from €500m to €650m (min); US$ TLB dropped, total size across EUR TLB and US$ sr sec notes remains EUR1.380bn equuivalent.
IPTs: 7NC2: 6-6.25%

• Issuer: LSF12 Pillar Investments (US), Inc (Capsugel)
• Ticker: LSFPIL
• Business: Leading global manufacturer of hard empty capsules (HEC) with complementary dosage form solutions and health ingredients capabilities. HQ: Basel, Switzerland
• Corporate Ratings: B1 (Stable) / B+ (Stable) (Moody's/S&P)
• Issue Ratings: B1/B+ (stable/stable) (Moody's/S&P)
• Instrument: Senior Secured Notes
• Size: €750m (up from EUR650m minimum and EUR500m minimum)
• Format: 144A/Reg S
• Tenor: 7 year
• Maturity Date: 15-May-33
• Coupon: 5.75%
• Offering Price: 100
• Yield: 5.75%
• Spread: +289bp
• Benchmark: DBR 2.3% 15-Feb-33
• Call Protection: 7NC3 (50%, Par). MWC at B+50bp. Equity claw: 3y 40% at 105.75. Special call: 10% per year for the first 3 years at 103.
• Redemption Prices: On or after: 15-May-29: 102.875% and thereafter: 100.000%
• Interest Payment Dates: Semi-annually in arrears on May 15 and November 15 of each year
• First Interest Payment Date: 15-Nov-26
• Trade Date: 30-Apr-26
• Settlement Date: 15-May-26 (T+10)
• Identification Numbers:
  • Rule 144A Global Notes
  • ISIN: 336883431
  • Common Code: XS3368834316
  • Regulation S Global Notes
  • ISIN: XS3368834159
  • Common Code: 336883415
• Use of Proceeds: Along with proceeds from equity contribution, and a EUR830m (up from EUR650m minium and EUR500m minimum) term loan B (US$500m minimum TLB dropped) (total loan and bond deal size approx EUR1.580bn (approx CHF1.38bn equivalent)), to fund the CHF2bn purchase price for the acquisition of a 60% interest in Capsugel by Lone Star from Lonza Group AG (which will retain a 40% minority interest) and provide for cash overfunding to the balance sheet.
• Joint Global Coordinators and Physical Bookrunners: GS (B&D), Jefferies, BNP, and UBS
• Joint Bookrunners: BBVA, ING, IMI - Intesa Sanpaolo, RBI, SocGen, UniCredit, and Standard Chartered
• Listing: The International Stock Exchange (Unregulated)
• Governing Law: NY Law
• Denominations: €100k x €1k
• Equity Sponsor: Lone Star (60%)/Lonza Group AG (40%)
• Equity Contribution: CHF823m, including Lonza's rollover equity.
• Roadshow (virtual meetings): Started 27-Apr-26
• Global Investor Call: 15:00 UKT / 10:00 ET 27-Apr-26
• Global Call Registration Link: https://www.netroadshow.com/events/login/1PeTHmohVjb76F1RZFBVZuD4N8rNK49hvTb8j
• Netroadshow Entry Code: Capsgel12026
• Netroadshow Direct Link: https://www.netroadshow.com/nrs/home/!/?show=bf5c1c4a
• Global Investor Presentation Public Replay Link: www.netroadshow.com/nrs/home/#!/?show=b2b545b6
• Books Closed: 15:30 UKT Today. Pricing today UK afternoon
• Documentation Update: was posted on Netroadshow
• ToE: 05:40 PM UKT on 30-Apr-26
• FTT: 08:00 AM UKT on May 1, 2026