Commentary & Deal Flow

Guidance: 8.25-8.50%

IPTs: Mid-to-High 8%

• Issuer: Co-operative Group Limited
• Company: The Co-operative Group
• Ticker: COOPWH
• Business: Co-op Group is one of the world’s largest consumer co-operatives, operating across food retail, funerals, insurance and legal services. It is owned by its over 7m members across the UK.
• Security Type: Sustainability Senior Notes
• Size: £350m
• Currency: GBP
• Tenor: 5.5 years
• Call: NC2 (MWC G+50bp) (50%, 25%, Par); Special call: 10% per year the 1st 2 years at 103
• Instrument Rating: BB- (stable) (S&P)
• Use of Proceeds: Along with £150m term loan raised in April, to refinance its existing £350m Senior Notes due 08-Jul-26 at maturity, pay down the £52m drawn on its revolver and £98m cash on the B/S; with an amount equal to net proceeds allocated in accordance with Co-op’s Sustainable Bond Framework.
• Governing Law: New York
• Format: Reg S Only
• Listing: The International Stock Exchange
• CoC: 101
• Denominations: £100k X £1k
• Global Coordinators and Joint Bookrunners: NatWest (B&D), Lloyds Bank Corporate Markets
• GIC Timing: Tuesday, 26-May, 11:00 UKT
• Small Group Meetings: Tuesday 26-May (City), Wednesday 27-May (West End)
• GIC Registration Details: https://evercall.co/oacc/89361
• Deal Roadshow Direct link: https://dealroadshow.com/e/COOP2026GIC
• Timing: Books close 13:00 UKT / 14:00 CET today, Thursday 28th May
• 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/FCA Product Disclosure Sourcebook key information document (KID)/disclosure document, as applicable has been prepared as not available to retail in EEA or in the UK.