Commentary & Deal Flow

Price talk: 6NC2: 7.50%-7.75%, EUR300m upsize to redeem EUR notes

IPTs: 6NC2: 8.00% area (+/- 0.125%)

• Issuer: ams-OSRAM AG
• Ticker: AMSSW
• Business: Global leader in Digital Photonics, delivering high-performance optical semiconductors and sensor solutions for sensing, illumination and visualization across automotive and industrial end markets, with selected high-volume consumer applications. HQ: Premstaetten, Austria
• Security Type: Senior Unsecured Notes
• Size: €1bn (up from €700m)
• Tenor: 6 years
• Call: NC2 (MWC B+50bp) (50%, 25%, Par). Equity claw: 2y 40%
• Price talk: 7.50%-7.75%
• IPTs: 8.00% area (+/- 0.125%)
• Change of Control: Put at 101%
• Corporate Rating: B3 (Positive) / B (Stable) / B (Positive, revised from Stable) (Moody's/S&P/Fitch)
• Issue Rating: B3 / B / B (Moody's/S&P/Fitch)
• Use of Proceeds: along with EUR18m cash on hand, to redeem in full the Existing Dollar Notes - USD750m 12.25% sr notes due 03/30/29 (callable at 106.125). EUR300m upsize to redeem EUR notes
• Governing Law: New York
• Distribution: Reg S / 144A for life
• Listing: The International Stock Exchange
• Denominations: €100k X €1k
• Joint Global Coordinators and Physical Bookrunners: HSBC (B&D), DB, MS
• Joint Global Coordinators and Joint Bookrunners: Commerzbank, UBS
• Joint Bookrunners: CACIB, Erste, ING, LBBW, RBI
• Global Investor Call: Monday 18-May-26 - 11:00 UKT / 12:00 CET
• Registration Link: https://evercall.co/oacc/68951
• Deal Roadshow Link: https://dealroadshow.com/e/AMSOSRAM26GIC
• Marketing: Virtual roadshow will run Monday 18-May-26 and Tuesday 19-May-26
• Books close: 2:30pm UKT 19-May
• Timing: pricing 19-May UK afternoon
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / DISC key information document (KID) has been prepared as not available to retail in EEA or in the UK