Commentary & Deal Flow

IPTs: 5NC2: 8.75-9.00%

• Issuer: TMD Friction Group GmbH
• Ticker: TMDFGG
• Business: Leader in the development and manufacturing of mission-critical, brake friction materials for passenger cars and commercial vehicles.
• HQ: Leverkusen, Germany
• Debut issuer: yes
• Issue: Senior Secured Fixed Rate Notes
• Size: €300m
• Tenor: 5 years
• Call Protection: NC2; (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%.
• Ratings: B1/B+/BB+ (Moody's/S&P/Fitch) (stable/stable/stable)
• Use of Proceeds: Proceeds will be used to fund a €200m shareholder distribution, and €91mm cash on balance sheet, and pay costs, fees and expenses related to the transaction
• Format: 144A/Reg S
• Denominations: €100k x €1k
• ISINs:
• • Reg S: XS3366249087
  • 144A: XS3366248949
• Listing: Official List of The International Stock Exchange
• Target Market: Manufacturer target market (MIFID II / MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
• Sole Global Coordinator and Bookrunner: J.P. Morgan (B&D)
• Equity sponsor: Aequita SE & Co KGaA.
• Global Investor Call: Monday, 11-May @ 10.30 UKT / 11.30 CET
• Registration: https://www.netroadshow.com/events/login/1PeTHmohMSaMPJdoRtMWfe5bpAt4EadeE8jTV
• Dial-in Details:
• • UK (Toll Free): +44 808 189 0158
  • Participant Access Code: 292556
  • Global dial-in numbers: Global Dial-In Numbers
• Roadshow: Small group 1x1s available on Monday, 11-May and Tuesday, 12-May
• NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=83691fe8. Alternatively, please visit www.netroadshow.com and enter the deal entry code: TMD26Replay (not case-sensitive)