Commentary & Deal Flow

Reference Benchmark: 5yr: OBL 2.5 04-Apr-31 (HR 99%) 8yr: DBR 2.2 02-Feb-34 (HR 100%)
Hedge Deadline: 16:00 UKT / 17:00 CET

Launched: 5yr: €500m @ MS+88bp 8yr: €500m @ MS+113bp
Guidance: 5yr: MS+90a 8yr: MS+115a
IPTs: 5yr: MS+120/125bp 8yr: MS+145/150bp

• Issuer: Kraft Heinz Foods Company (Ticker: KHC, Country: US)
• Guarantor: The Kraft Heinz Company (Country: US)
• Issuer LEI: 5493003STKEZ2S0RNU91
• Guarantor LEI: 9845007488EC87F5AF14
• Issuer Ratings: Baa2 (Watch Negative) / BBB (Negative) / BBB (Negative) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB/BBB (Moody's/S&P/Fitch)
• Format: SEC-Registered, Senior, Unsecured
• Ranking: Senior Unsecured
• Settlement: 21-May-26 (T+10), Euroclear / Clearstream, Luxembourg
• Size:
• • 5yr: €500m
  • 8yr: €500m
• Maturity:
• • 5yr: 21-May-31
  • 8yr: 21-May-34
• Coupon: Fixed, Ann, Act/Act ICMA
• Optional Redemption:
• • 5yr: 1 month par call, MWC
  • 8yr: 3 month par call, MWC
• ISIN:
• • 5yr: XS3367254458
  • 8yr: XS3367254532
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law / CoC Put (101%)
• Denominations: €100k and integral multiples of €1k in excess thereof
• Sales into Canada: Yes, via exemption
• Selling Restrictions: As per Prospectus Supplement
• Use of Proceeds: To fund the consideration for the purchase of the 2046 Notes and 2049 Notes validly tendered and accepted for purchase pursuant to the Tender Offer, together with accrued and unpaid interest thereon. Any excess proceeds will be used for general corporate purposes, which may include repayment of outstanding indebtedness.
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market/PRIIPs: MiFID II/UK MiFIR professionals/ECPs-only – Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs KID or UK PRIIPs KID has been prepared as the notes are not available to retail investors in the European Economic Area or the UK.
• Joint Bookrunners: BofA (B&D), Citi, DB, GS
• Marketing:
• • URL: https://dealroadshow.com
  • Entry Code: KHC2026
  • Direct Link: https://dealroadshow.com/e/KHC2026
• Timing: Allocations & Pricing this PM