Issuer Rating: Baa1 (stable) by Moody’s / BBB+ (stable) by S&P / BBB+ (stable) by Fitch / A- (negative) by Scope
Exp. Issue Rating: Baa1 by Moody’s / BBB+ by Fitch
Format: Senior, Unsecured, Reg S Bearer, TEFRA D
Settlement: 18-May-26 (T+5)
Size: £ Benchmark
Maturity Date: 18-May-38 (12 year)
Ref Benchmark: UKT 3.750% Jan-38
IPTs: Mid-Gilts +145bps area
Coupon Type: Fixed, Annual, ACT/ACT (ICMA)
ISIN: XS3349838204
Docs: DIP / Lux. Listing (regulated market) / German Law / £100k + £100k / Tax Call / MWC (B+ [ ]) / CoC Put / 3m Par Call
Selling Restrictions: General, U.S. (Reg S), EEA, UK, Singapore, Japan, Switzerland and Canada as set out in the Debt Issuance Programme, dated 23-Mar-26, and supplemented as of 08-May-26
Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
Covenants:
Limitations on Incurrence of Debt:
Total Debt / Total Assets ≤ 60%
Secured Debt / Total Assets ≤ 45%
Maintenance of Consolidated Coverage Ratio and Total Unencumbered Assets:
Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Net Cash Interest) ≥ 1.8x
Total Unencumbered Assets / Unsecured Debt ≥ 125%
UoP: General Corporate Purposes including the refinancing of existing debt
MiFID II and/or UK MiFIR Target Market: 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 investors in the UK or the EEA or elsewhere
Joint Active Books: BofA, GS (B&D), MS, SG
Timing: Books open, today’s business
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, its supplement and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (www.luxse.com).