Commentary & Deal Flow

+++Adds additional underwriters+++

IPTs: 7NC3: 6% area

• Company: Cementos Molins SA
• Issuer: Molins Finance, S.A.U.
• Ticker: MOLSM
• Debut issuer
• Business: Leading global sustainable and innovative building materials and solutions company, with ~100 years of experience in delivering high performance cement, concrete, precast and construction solutions powered by circular economy practices to build more resilient, carbon neutral communities. HQ: Barcelona, Spain
• Issue: Senior Unsecured Notes
• Size: €500m
• Tenor: 7y
• Optional redemption: NC3 (MWC B+50bp) (50%, 25%, Par). Equity claw: 3y 40%. Special call 10% per year the first 3 years.
• Ratings: NR/BB/BB (--/stable/stable)
• IPTs: 6% area
• UOP: to repay in full the EUR500m Bridge loan incurred to finance the EUR1.4bn acquisition of Geral de Cal e Cimentos SA (Secil), which closed in March 2026 (also used EUR680m term loan A to fund the acquisition (EUR1.081bn equity value and EUR305m of assumed and repaid debt of Secil).
• Distribution: Reg S only
• Denomination: €100k x €1k
• RegS ISIN: XS3385893956
• RegS Common Code: 338589395
• Listing: Official List of the LuxSE and admitted to trading on the Euro MTF Market
• 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
• Joint Global Coordinators and Joint Physical Bookrunners: J.P. Morgan (B&D), Santander
• Joint Physical Bookrunners: HSBC/IMI-Intesa Sanpaolo
• Co-manager: Banco Sabadell
• Global Investor Call (Virtual): Monday, 18-May @ 10:30 UKT / 11:30 CET
• • To attend, please register at https://www.netroadshow.com/events/login/1PeTHmohJXiXQvi6wve8uXF9PkwNZgsKJjYSV
  • Alternatively, please use the following dial-in details:
  • Participant Access Code: 838500
  • UK (Local): +44 20 3936 2999
  • UK (Toll Free): +44 808 189 0158
• Small Group Meetings (Physical / Virtual): Monday, 18-May (from 13:00 UKT / 14:00 CET onwards) - Tuesday, 19-May (from 09:00 UKT / 10:00 CET onwards)
• Venue for in-person meetings:
• • Rosewood London, 252 High Holborn, London, WC1V 7EN
  • Dining Room (located on the 1st Floor)
• NetRoadshow:
• • www.netroadshow.com/nrs/home/#!/?show=b204f1a8
  • Alternatively, please visit www.netroadshow.com and enter the deal entry code: Molins2026 (not case-sensitive)