Commentary & Deal Flow

+++Updates UOP with amounts+++

Priced: 5NC2: 8.25% at 100
Benchmark: 5NC2: OBL 2.5% 16-Apr-31 / B+544bp
Price Talk: 5NC2: 8.50%a
IPTs: 5NC2: 8.75-9.00%

• Company: TMD Friction
• 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
• Currency: €
• Size: €350m (up from €300m)
• Gross Proceeds: €350m
• Coupon: 8.25%
• Issue Price: 100
• Maturity: 15-May-31
• YTM: 8.25%
• Benchmark: OBL 2.5% 16-Apr-31
• Spread to Benchmark: +544bp
• Interest Payment Date: May 15 and November 15
• First Interest Payment Date: 15-Nov-26
• Optional Redemption:
• • Make-whole call at B+50bp prior to 15-May-28
  • Commencing on 15-May-28: 104.125%
  • Commencing on 15-May-29: 102.063%
  • Commencing on 15-May-30 and thereafter: 100%
• Call Protection: NC2; (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40% at 108.25.
• Ratings: B1/B+/BB+ (Moody's/S&P/Fitch) (stable/stable/stable)
• UoP: UOP: proceeds will be used to fund a EUR200m shareholder distribution, and EUR140m (up from EUR91m) cash on balance sheet, and pay costs, fees and expenses related to the transaction.
• Format: Reg S / 144A
• ISIN:
• • Reg S: XS3366249087
  • 144A: XS3366248949
• Common Code:
• • Reg S: 336624908
  • 144A: 336624894
• Denomination: €100k x €1k
• Trade Date: 12-May-26
• Settlement Date: 19-May-26 (T+5)
• Sole Global Coordinator and Bookrunner: J.P. Morgan (B&D)
• Equity Sponsor: Aequita SE & Co KGaA.
• 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
• TOE: 15:52
• Free to Trade: 17:00 UKT 12-May-26
• Books closed: 3pm UKT / 4pm CET 12-May-26
• 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)