Commentary & Deal Flow

Price Talk: 5NC2: 8.25% area (+/- 0.125%) 5NC1 FRN: E+525 / 99.25-99.50

Revised IPTs: 5NC2: Low-mid 8%s 5NC1 FRN: Low-mid 500s
IPTs: 5NC2: fixed High 8%s 5NC1 FRN: Mid-high 500s

• Issuer: Atos S.E.
• Business: Atos Group is a leading provider of digital and managed services, which focuses on cloud infrastructure, employee experience, cybersecurity and technology services delivered through decarbonized, automated and AI-powered solutions. HQ: Bezons, France.
• Corporate Ratings: B- (Stable) / B- (Positive) (S&P/Fitch)
• Issue Ratings: B+/BB- (S&P/Fitch)
• Format: Reg S / 144A no reg rights
• Size: €1,200m
• Ranking: Senior Secured
• Joint Global Coordinators and Physical Bookrunners: Barclays (B&D), Goldman Sachs Bank Europe SE, ING
• Tenor: 5 Years
• Call Protection:
• EUR Senior Secured Notes: NC2 (MWC B+50bp) (50%, 25%, Par), Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103
• EUR Senior Secured Floating Rate Notes: NC1 (MWC B+50bp) (101, Par)
• CoC: 101
• UoP: along with EUR124m cash non hand, to repay in full and in priority the EUR315m 1st lien term loan, including EUR76m accrued cash interest and PIK interest thereon, fund the repurchase or the redemption of the EUR835m 9.36% 1st lien notes due 12/18/29 (callable at 105.040, EUR68m redemption premium), including the accrued cash and PIK interest, as well as any potential applicable redemption premium thereon.
• Denominations: €100,000 x €1,000
• Governing Law: New York Law
• Listing: Application will be made for the listing on the Official List of and admission to trade on The International Stock Exchange
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• Schedule: GIC: Thursday 07-May-26 at 10am UKT. Virtual Roadshow Meetings: Thursday 07-May-26 and Friday 08-May-26. Books close 15:00 UKT Tuesday 12-May-26. Pricing 12-May-26.
• NetRoadshow / GIC Registration: https://www.netroadshow.com/events/login/1PeTHmojALCTjxGsseP5MDkZ3JIyfCo4MHB91