Commentary & Deal Flow

Price talk: 7NC3: 5.75% area

IPTs: 7NC3: 6% area

• Issuer: Molins Finance, S.A.U.
• Guarantor: Cementos Molins SA
• Ticker: MOLSM
• 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
• Ratings: NR/BB/BB (S&P/Fitch)
• Size: €500m
• Price Talk: 5.75% area
• Optional Redemption: NC3 with a Make-Whole Call at B+50bp. Call schedule: 50%, 25%, Par. Equity claw of 40% for 3 years. Special call of 10% per year for the first 3 years.
• Use of Proceeds: 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).
• Format: Reg S only
• Denominations: €100k x €1k
• ISIN: XS3385893956
• 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
• Timing: Books close at 14:30 UKT / 15:30 CET today.
• Global Investor Call (Virtual): 18-May @ 10:30 UKT / 11:30 CET
• Small Group Meetings (Physical / Virtual): 18-May (from 13:00 UKT / 14:00 CET onwards) - 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 (Entry code: Molins2026)
• Alternatively, please visit www.netroadshow.com and enter the deal entry code: Molins2026 (not case-sensitive)