Commentary & Deal Flow

Priced: 5NC2: 4.50% at 100
Benchmark: 5NC2: OBL 2.5% 16-Apr-31 +173bp

Final price talk: 4.375% area (+/- 1/8, WPIR)
Price talk: 5NC2: 4.625%a (+/- 12.5)
IPTs: 5NC2: High 4s-5%

• Company: Telpark (Ticker: EMPARQ)
• Issuer: Arena Luxembourg Finance S.à.r.l
• Business: Telpark (fka Empark) is one of the leading Iberian urban mobility operators with a highly resilient infrastructure-backed business model. HQ: Madrid, Spain
• Corporate Ratings: Ba3/BB/BB (Moody's/S&P/Fitch) (stable/stable/stable)
• Issue Ratings: Ba3/BB/BB+ (Moody's/S&P/Fitch)
• Format: 144A / Reg S
• Size: €540m
• Ranking: Senior Secured Notes
• Trade Date: 09-Jun-26
• Settlement Date: 18-Jun-26
• Maturity: 30-Jun-31
• Coupon: 4.50%
• Issue Price: 100
• Interest Payment Date: June 15 and December 15
• First Interest Payment Date: 15-Dec-26
• Optional Redemption: Non-callable for 2 years until 15-Jun-28 (B+50)
• • Commencing on 15-Jun-28 : 102.250
  • Commencing on 15-Jun-29 : 101.125
  • Commencing on 15-Jun-30 and thereafter: 100.000
• Call Protection: Equity claw: 2y 40% a 104.50. Special call: 10% per year the 1st 2 years at 103.
• Change of Control: 101
• Use of Proceeds: To fund the tender offer for its €475m 1.875% sr sec notes due 01-Feb-28; Discharge all obligations for the remaining notes; Repay €43m drawn on its revolver; €15m for GCP, including potential acquisitions; Pay for transaction fees and expenses.
• Denominations: €100k x €1k
• Listing: Official List of the Luxembourg Stock Exchange
• Governing Law: New York
• Global Coordinators and Joint Physical Bookrunners: J.P. Morgan (B&D), Goldman Sachs Bank Europe SE
• Bookrunners: BNP Paribas, BofA Securities
• Equity Sponsor: Macquarie Infrastructure and Real Assets
• ISIN (RegS): XS3408822370
• Common Code (RegS): 340882237
• ISIN (144A): XS3408822537
• Common Code (144A): 340882253
• Free to trade: 8AM Wednesday, 10-Jun-26
• 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.
• NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=be7371bf or entry code: TELPARK26
• Timing: Books closed 1:30 PM UKT 09-June-26. Reconfirm by 3:00pm UKT 09-June-26.