Commentary & Deal Flow

Launched:
5NC2: US$1.35bn @ 7.25% (Books over US$4.7bn ex JLM)
7NC3: €500m @ 6.75% (Books over €4.2bn ex JLM)
10NC5: €300m @ 7.125% (Books over €3.6bn ex JLM)

Guidance: 5NC2: 7.5%a (Books over US$3.6bn ex JLM) 7NC3: 7%a (Books over €3bn ex JLM) 10NC5: 7.5%a (Books over €2.5bn ex JLM)
IPTs: 5NC2: 7.875-8.000% 7NC3: 7.250-7.375% 10NC5: 7.875%a

• Issuer: Telekom Srbija a.d. BEOGRAD
• Issuer Ratings: B1/BB-/BB- (Moody's/S&P/Fitch)
• Expected Issue Ratings: B1/BB-/BB- (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Issuance Format: Reg S / 144A
• Pricing Date: 11-May-26
• Settlement Date: 18-May-26 (T+5)
• Size:
• • 5NC2: US$1.35bn
  • 7NC3: €500m
  • 10NC5: €300m
• Maturity Date:
• • 5NC2: 18-May-31
  • 7NC3: 18-May-33
  • 10NC5: 18-May-36
• Launched Yield:
• • 5NC2: 7.25%
  • 7NC3: 6.75%
  • 10NC5: 7.125%
• Call Schedule:
• • 5NC2:
  • • 18-May-28 to 18-May-29 – callable at par + 50% of annual coupon
    • 18-May-29 to 18-May-30 – callable at par + 25% of annual coupon
    • 18-May-30 to maturity date – callable at par
  • 7NC3:
  • • 18-May-29 to 18-May-30 – callable at par + 50% of annual coupon
    • 18-May-30 to 18-May-31 – callable at par + 25% of annual coupon
    • 18-May-31 to maturity date – callable at par
  • 10NC5:
  • • 18-May-31 to 18-May-32 – callable at par + 50% of annual coupon
    • 18-May-32 to 18-May-33 – callable at par + 25% of annual coupon
    • 18-May-33 to maturity date – callable at par
• Denominations:
• • 5NC2: US$200k and integral multiples of US$1k in excess thereof
  • 7NC3: €100k and integral multiples of €1k in excess thereof
  • 10NC5: €100k and integral multiples of €1k in excess thereof
• ISINs:
• • 5NC2: RegS: XS3370281795 / 144A: US87945BAB62
  • 7NC3: RegS: XS3370281878 / 144A: XS3370281951
  • 10NC5: RegS: XS3370282090 / 144A: XS3370282173
• Use of Proceeds: Refinancing of certain debt and payment of the transaction related fees and expenses
• Change of Control: Put option at 101 % of the principal amount then outstanding plus accrued and unpaid interest (if any) to the date of redemption, upon certain events defined as constituting a Change of Control
• Covenants: Customary incurrence-based high yield covenants
• Listing: Global Exchange Market of the Irish Stock Exchange, trading as Euronext Dublin
• Documentation: Standalone
• Governing Law: English law
• Joint Lead Managers: BNP Paribas, BofA Securities (B&D), Citi, Deutsche Bank, Eurobank, J.P. Morgan, OTP Bank, Raiffeisen Bank International, UniCredit
• Stabilisation: ICMA/FCA stabilisation applies
• Hedges: No Hedges
• Timing: Books open, today’s business
• Books Subject: 2pm UKT / 9am EST