Commentary & Deal Flow

IPTs: 3yr: MS+90bp area 7yr: MS+135bp area

• Issuer: Arla Foods amba (Ticker: ARLA, Country: DK)
• Issuer LEI: 529900IJ6T4P1O10R377
• Issuer Rating: BBB (stable outlook) by S&P
• Expected Issue Rating: BBB by S&P
• Status / Format: Senior Unsecured, Reg S, Bearer, NGN
• Settlement Date: 22-May-26 (T+7)
• Issue Type: Fixed Rate
• Size:
• • 3-year: €500m WNG
  • 7-year: €500m WNG
• Maturity:
• • 3-year: 22-May-29
  • 7-year: 22-May-33
• Coupon:
• • 3-year: Fixed, Annual, ACT/ACT (ICMA)
  • 7-year: Fixed, Annual, ACT/ACT (ICMA)
• IPTs:
• • 3-year: MS + 90bps area
  • 7-year: MS + 135bps area
• Reference Benchmark:
• • 3-year: OBL 2.1 12-Apr-29 (ISIN: DE000BU35025)
  • 7-year: DBR 2.3 15-Feb-33 TWIN (ISIN: DE000BU2Z007)
• ISIN:
• • 3-year: XS3382815879
  • 7-year: XS3382816091
• Par Call:
• • 3-year: 1m Par Call
  • 7-year: 3m Par Call
• Change of Control: Yes, CoC Put at Par
• Optional Redemption: Tax Call at Par, Make-whole Call, Clean-up Call (80%) at Par
• Docs / Denoms: EMTN / Euronext Dublin, Global Exchange Market / English Law / €100k+1k
• Clearing: Euroclear and Clearstream, Luxembourg
• Business Days: T2
• Business Days Convention: Following, unadjusted
• Use of Proceeds: The net proceeds of the issue of Notes will be used to refinance existing debt, granted by the Joint Bookrunners, and general corporate purposes
• Selling Restrictions: Reg S, Cat. 2; TEFRA D; as stipulated in the EMTN Base Listing Particulars
• Joint Bookrunners: BNP Paribas (B&D), Danske Bank, HSBC, SEB
• Marketing: https://dealroadshow.com | Entry code: ARLA2026 | Direct Link: https://dealroadshow.com/e/ARLA2026
• MiFID II/ UK MiFIR Product Governance / Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in EEA or United Kingdom
• Advertisement: The Base Listing Particulars and the final terms, when published, will be available on the Euronext Dublin website (www.euronext.com/en/markets/dublin)
• Timing: Books open, today’s Business