Commentary & Deal Flow

Reoffer: 7yr: MS+135bp / 99.739 / 4.294%
Benchmark: 7yr: 145.3bp vs DBR 2.3 15-Feb-33 @ 96.750 / 2.841% (HR: 101%)

Launched: 7yr: €650m @ MS+135bp
IPTs: 7yr: MS+170a

• Issuer: Viatris Inc. (Ticker: VTRS / Country: US)
• Guarantor: Mylan Inc., Mylan II B.V., and Utah Acquisition Sub Inc.
• Issuer LEI: 254900ZZTSW7NL773X71
• Issuer Ratings & Outlooks (M/S/F): Baa3 / BB+ / BBB (Stable / Stable / Stable)
• Expected Issue Ratings (M/S/F): Baa3 / BB+ (unsolicited) / BBB
• Format/Docs: SEC Registered, Senior Unsecured
• Total Size: €650m
• Tenor: 7yr
• Maturity Date: 17-Jun-33
• Re-offer: MS+135bp / 99.739 / 4.294%
• Benchmark: 145.3bp vs DBR 2.3 15-Feb-33 @ 96.750 / 2.841% (HR: 101%)
• ISIN: XS3325429580
• Common Code: 332542958
• Change of Control Offer: at 101% after Change of Control Repurchase Event
• Optional Redemption: 2 month par call / MWC (B+25bp) / Tax Call
• Coupon: 4.25%, Fixed; Annual; ACT/ACT (ICMA)
• Denominations: €100,000 x €1,000
• Settlement: 17-Jun-26 (T+3)
• Use of Proceeds: To (i) fund the repayment of any amounts borrowed under the Revolving Credit Facility in June 2026 in connection with the repayment of the Company’s senior notes due 2026 (the “2026 Senior Notes”) and (ii) the remainder, if any, to replenish cash that will be utilized in connection with the repayment of the 2026 Senior Notes, with such cash to be used for general corporate purposes
• Governing Law: State of New York
• Listing: Euronext Dublin (Global Exchange Market)
• Clearing: Clearstream, Euroclear
• Active Bookrunners: BNP Paribas, Citigroup, Goldman Sachs & Co. LLC (B&D)
• Selling restrictions: As per the Issuer’s Prospectus Supplement dated 12-Jun-26
• Stabilization: Relevant stabilization regulations including ICMA/FMA apply
• Target Market and PRIIPs: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document required by DISC have been prepared as not available to retail in EEA or UK.
• Timing: TOE: 14:48 UKT / FTT TBD - subject to final TS