Commentary & Deal Flow

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Priced: 5NC2: 8.125% / 100 5NC1: 3mE+525 / 99.50
Benchmark: 5NC2: DBR 0% 15-Feb-31 / 535bp

Launched: 5NC2: €950m @ 8.25% 5NC1: €300m @ E+525 at 99.50
Guidance: 5NC2: 8.25%a 5NC1: E+525 / 99.25-99.50
Revised IPTs: 5NC2: Low-mid 8%s 5NC1: Low-mid 500s
IPTs: 5NC2: High 8%s 5NC1: Mid-high 500s

• Company: Atos Group
• Issuer: Atos S.E.
• Ticker: ATOFP
• Business: 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.
• Issue:
• • EUR Senior Secured Notes
  • EUR Senior Secured Floating Rate Notes
• Size: €1.25bn total size (up from €1.2bn)
• • €950m
  • €300m
• Maturity:
• • 21-May-31
  • 21-May-31
• Coupon:
• • 8.125%
  • 3mE+525 (0% floor)
• Offering Price:
• • 100
  • 99.50
• Spread to Reference Benchmark:
• • 535bps
  • N/A
• Reference Benchmark:
• • DBR 0% 15-Feb-31
  • N/A
• Call Protection:
• • NC2 (MWC B+50bp) (50%, 25%, Par), Equity claw: 2y 40% at 108.125.
  • NC1 (MWC B+50bp) (101, Par)
• Optional Redemption:
• • Beginning on 21-May, of the years indicated below: 2028: 104.0625%, 2029: 102.03125%, 2030 and thereafter: 100%
  • Beginning on 21-May, of the years indicated below: 2027: 101%, 2028 and thereafter: 100%
• CoC: 101
• Confirmed Issue Ratings (S/F): B+/BB-
• Confirmed Corporate Ratings (S/F): B- (Sta.) / B- (Pos.)
• Denoms.:
• • €100,000 x €1,000
  • €100,000 x €1,000
• UOP: along with EUR74m (down from 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. EUR50m upsize to reduce the use of cash on hand
• Interest Payment Dates:
• • Semi-annually in arrears on March 18 and September 18 of each year, commencing on 18-Sep-26.
  • Quarterly on each March 18, June 18, September 18 and December 18, commencing on 18-Jun-26.
• RegS ISIN / Common Code:
• • ISIN: XS3368803196 / Common Code: 336880319
  • ISIN: XS3368803279 / Common Code: 336880327
• 144A ISIN / Common Code:
• • ISIN: XS3368802974 / Common Code: 336880297
  • ISIN: XS3368803352 / Common Code: 336880335
• Settlement Date: 21-May-26 (T+7)
• Distribution: Reg S & 144A, no reg rights
• Delivery: Euroclear / Clearstream
• Listing: Application will be made for the listing on the Official List of and admission to trade on The International Stock Exchange
• Governing Law: New York Law
• Joint Global Coordinators and Physical Bookrunners: Barclays (B&D), Goldman Sachs Bank Europe SE, ING
• Time of Execution: 12-May-26, 18:53
• Free to Trade: 08:00 UKT 13-May-26
• Target Market / PRIIPS: Eligible counterparties and professional clients only (all distribution channels)
• Marketing: 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.
• NetRoadshow / GIC Registration: https://www.netroadshow.com/events/login/1PeTHmojALCTjxGsseP5MDkZ3JIyfCo4MHB91