Commentary & Deal Flow

Priced: 7NC3: 5.50% / 100
Benchmark: 7NC3: 2.3% DBR 15-Feb-33 @ +253bp

Launched: 7NC3: €500m @ 5.50%
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.
• 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 Mar-26 (also used EUR680m term loan A to fund the acquisition (EUR1.081bn equity value and EUR305m of assumed and repaid debt of Secil).
• Issue: Senior Unsecured Notes
• Ratings: NR/BB/BB (--/stable/stable). (S&P/Fitch)
• Size: €500m
• Trade Date: 19-May-26
• Settlement Date: 27-May-26
• Maturity: 15-Jun-33
• Coupon: 5.50%
• Issue Price: 100
• Yield to Maturity: 5.50%
• Benchmark: 2.3% DBR due 15th February 2033
• Spread to benchmark: +253 bps
• Interest Payment Date: June 15 and December 15
• First Interest Payment Date: 15-Dec-26
• Optional Redemption: NC3. Equity claw of 40% for 3 years at 105.50. Special call of 10% per year for the first 3 years.
• • Make-whole call at B+50bps prior to 15-Jun-29
  • Commencing on 15-Jun-29: 102.75%
  • Commencing on 15-Jun-30: 101.375%
  • Commencing on 15-Jun-31 and thereafter: 100%
• 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, Intesa Sanpaolo
• Bookrunners: BBVA, CaixaBank
• Manager: Banco Sabadell
• Timing: Books close at 14:45 UKT / 15:45 CET today, 19-May-26.
• Global Investor Call (Virtual): 18-May-26 @ 10:30 UKT / 11:30 CET
• Small Group Meetings (Physical / Virtual): 18-May-26 (from 13:00 UKT / 14:00 CET onwards) - 19-May-26 (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)
• TOE: 16:24
• Free to trade: 16:45 UKT 19-May-2
• 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