Commentary & Deal Flow

Final Books above €1.3bn. Peak book above €1.8bn (pre-rec).

Launched: 5yr: €400m @ MS+165bp - Books above €1.8bn (pre-rec)
IPTs: 5yr: MS+200a

• Issuer: Südzucker International Finance B.V. (Ticker: SZUGR, Country: NL)
• Issuer LEI: 724500M1VGG79HOVI026
• Guarantor: Südzucker AG (Country: DE)
• Guarantor LEI: 529900S8QNB101D40S72
• Guarantor Rating: Baa3/BBB- (Moody's/S&P)
• Expected Issue Rating: Baa3/BBB- (Moody's/S&P)
• Format: Senior, unsecured, unsubordinated, Reg S Cat 2, Bearer, New Global Note
• Issue Size: €400m
• Trade Date: 28-May-26
• Settlement Date: 05-Jun-26 (T+6)
• Maturity Date: 05-Jun-31
• Coupon: Fixed (Annual, Act/Act, ICMA)
• Reference Gilt: OBL 2.5% Apr-31 (HR 98%)
• Hedge Deadline: 14:35 UKT / 15:35 CET
• Documentation: Standalone format with Preliminary Prospectus dated 26-May-26
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Governing Law: German
• Call / Put Options: Tax Call / 3-Month Par Call / Clean-Up Call (80%) / Change of Control (100%) / MWC
• Denomination: €100k x €100k
• Use of Proceeds: General corporate purposes, including the refinancing of the outstanding EUR 400mn 5.125% SLB notes due 2027
• Global Coordinators: Deutsche Bank (B&D), Landesbank Baden-Württemberg, UniCredit
• Joint Bookrunners: BofA Securities, Deutsche Bank (B&D), DZ BANK, Landesbank Baden-Württemberg, SEB, UniCredit
• ISIN: XS3393874436
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared
• Marketing: An investor presentation is available at https://dealroadshow.com/e/SUDZUCKER26 OR Visit https://dealroadshow.com with entry Code: SUDZUCKER26
• Selling Restrictions: As per the Preliminary Prospectus dated 26-May-26. TEFRA D Rules apply, no communications with or into the US. Sales into Canada via exemption (Ontario/Alberta/British Columbia only, subject to compliance with applicable law)
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply
• Advertisement: The final Prospectus will be available, when published, on the website of the Luxembourg Stock Exchange: https://www.luxse.com/home
• Timing: Books to go subject at 12.20 UKT / 13.20 CET. Pricing to follow.