Commentary & Deal Flow

Reoffer: 5yr: MS+112.3bp / 99.666 / 3.95%
Benchmark: OBL 2.5% 15-Apr-31 @ 99.099 / B+125.7bp

Launched: 5yr: €600m @ 3.95%
Guidance: 5yr: 4.125%a - Books >€2.7bn
IPTs: 5yr: 4.5%a

• Issuer: Spie SA (Ticker: SPIEFP, Country: FR)
• Issuer LEI: 969500TJNS5GSFWJ8X85
• Issuer Ratings: BBB- (stable) by Fitch / BB+ (stable) by S&P
• Exp. Issue Ratings: BBB- by Fitch / BB+ by S&P
• Format: Senior, Unsecured, Reg S Bearer, Dematerialised Form
• Pricing Date: 06-May-26
• Settlement Date: 18-May-26 (T+8)
• Maturity Date: 18-May-31 (5-year Fixed)
• Issue Size: €600m
• Reoffer: 3.95% / 99.666 / MS+ 112.3bp
• Coupon: 3.875%, Fixed, Annual, Act/Act (ICMA)
• Reference Spread: OBL 2.5% 15-Apr-31 (#193) +125.7bp (99.099)
• ISIN Code: FR0014018DI3
• Use of Proceeds: General Corporate Purposes
• Investor Presentation: https://www.netroadshow.com/nrs/home/#!/?show=6d05c42e
• Documentation: Standalone / French Law / Euronext Paris / MWC (B+ 20bp) / CoC / Clean-Up Call 75% / 3m Par Call / €100k + €100k
• Global Coordinators: BNP Paribas (B&D), Crédit Agricole CIB, Natixis, Société Générale
• Active Bookrunners: CIC CIB, Commerzbank, HSBC, ING, J.P. Morgan and Morgan Stanley
• ESG Structuring Advisor: Crédit Agricole CIB
• Sustainability Performance Targets (SPTs): SPT1 for KPI 1: Reduce absolute Scope 1 & 2 GHG emissions in tCO2e -50% by Dec 31, 2030 vs. 2019 SPT2 for KPI 2: Reduce Scope 3 Intensity per Value Added by -55% by Dec 31, 2030 vs. 2019
• Sustainability-Linked Premium Payment: 0.30% max of the outstanding principal amount of the Bond at the maturity date: - 0.15% if one of the SPT is not achieved - 0.30% if both of the SPTs are not achieved
• Observation Date: 31-Dec-30
• SLB Framework & SPO: Available on Issuer’s website under sections “Sustainability-Linked Financing Framework” https://www.spie.com/fr/investisseurs/resultats-financiers/dette-et-financement
• Second Party Opinion: Sustainable Fitch
• Target Market: The manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or in the UK
• Clearing system: Euroclear France
• Advertisement Language: The final Prospectus will be available on the AMF website: https://www.amf-france.org and on the Issuer website: https://www.spie.com/en/investors/financial-results/debt-and-financing
• ToE: 16:46 UKT / 17:46 CET (06-May-26)
• FTT: 08:00 UKT / 09:00 CET (07-May-26)