Guarantor Ratings: A3 (Stable) / A (Stable) (Moody's/S&P)
Expected Issue Ratings: A3 / A (Moody's/S&P)
Format: Senior Unsecured Notes; Reg S
Settlement: 15-Jun-26 (T+4)
Tenor: 5-year
Size: €500m (expected)
Maturity: 15-Jun-31
IPTs: MS+110 area
Coupon: Fixed, Annual, ACT/ACT (ICMA)
MWC: Yes
Par Call: Yes, 1-month
ISIN: XS3330157572
Common Code: 333015757
Documentations: Standalone / New York Law
Denominations: €100,000 x €1,000
Covenants: Total Indebtedness to Total Assets ≤ 65%Secured Indebtedness to Total Assets ≤ 50%Annualized EBITDA to Interest Expense ≥ 1.50xUnencumbered Assets to Unsecured Indebtedness ≥ 125%
Listing / Admission to Trading: Luxembourg Stock Exchange/Euro MTF Market
Clearing: Euroclear and Clearstream, Luxembourg
UoP: General Corporate Purposes
Sales into Canada: No
Active Bookrunners: Barclays, BNP Paribas (B&D), Societe Generale
Timing: Books open, today’s business
LEI: 254900758JILC822LO70
Stabilization: ICMA/FCA Stabilization applies
Target Market / PRIIPs: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the notes are not available to retail in the EEA