Commentary & Deal Flow

Launched: Total size €1,250m. EUR950m 5NC2 @ 8.25% / EUR350m 5NC1 FRN @ E+525 at 99.50
Guidance: 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: €1,250m (€50m upsize from €1,200m, with additional proceeds to finance transaction costs and add cash on balance sheet)
• 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 18-Dec-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 closed 15:00 UKT Tuesday 12-May-26. Reconfirms due by 5pm UKT 12-May-26. Pricing 12-May-26 UK evening.
• NetRoadshow / GIC Registration: https://www.netroadshow.com/events/login/1PeTHmojALCTjxGsseP5MDkZ3JIyfCo4MHB91