Commentary & Deal Flow

Reoffer: 6yr: MS+205bp / 99.219 / 5.029%
Benchmark: 6yr: DBR 0% Feb-32 @ 85.03 / B+217.2 / HR 106%

Final Books €2.6bn+. Peak book €2.7bn (pre-rec)

Launched: 6yr: €700m @ MS+205bp - Books closed €2.7bn (pre-rec)
Guidance: 6yr: MS+210a (+/- 5, WPIR). Books north of €2.6bn
IPTs: 6yr: MS+235a

• Issuer: Canal + SA (Ticker: CANALP, Country: FR)
• Issuer LEI: 9695000537F9F73BXN18
• Exp. Issue Rating: Unrated
• Status and formats: Senior unsecured, RegS (Cat1), Bearer Dematerialized
• Settlement Date: 20-May-26 (T+5)
• Maturity Date: 20-May-32 (6-year)
• Size: €700m
• Reoffer: 99.219 / MS+205 bps / 5.029% yield / B+217.2
• Coupon: 4.875%, Fixed, Annual, Act/Act (ICMA)
• Ref Bmk: DBR 0% Feb-32 @ 85.03 (HR 106%)
• ISIN: FR0014018LT3
• Use of Proceeds: The net proceeds of the Notes issuance will be used by the Issuer for general corporate purposes, including the refinancing of the outstanding €500 million senior unsecured bridge loan facility which was entered into in December 2025 with an initial maturity in December 2026 and on which some of the Global Coordinators and Joint Bookrunners are lenders.
• Documentation: Standalone Documentation / Luxembourg Stock Exchange (Euro MTF) / French Law / Change of Control (Put) / Clean-up call (75%) / Make-Whole Call (B+35) / 3m Par-Call / €100k+100k
• Clearing System: Euroclear France
• Target market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Joint Global Coordinators: BNPP (B&D), BofA, CIC, CACIB, Natixis, SG
• Joint Active Bookrunners: BNPP (B&D), BofA, CIC, Cmrz, CACIB, Miz, Natixis, SCB, SG
• Advertisement: The Final Information Memorandum, when published, will be available on the website of the issuer https://www.canalplusgroup.com/en and on the Luxembourg Stock Exchange website at: http://www.bourse.lu.
• Timing: PRICED / ToE 15.45 UKT / FTT 16.10 UKT