Commentary & Deal Flow

Price Talk: 4.75% area (+/- 12.5bps)

IPT: 5.00%-5.25%

• Issuer: Birkenstock Group B.V. & Co. KG (BIRKEN)
• Business: Global German footwear designer, manufacturer, and distributor. HQ: Linz am Rhein, Germany.
• Use of Proceeds (UoP): Redemption of the existing Birkenstock Financing S.à r.l. EUR430m 5.25% sr notes due 04/30/29 (callable at 100), EUR471m share repurchases by Birkenstock Holding PLC or refinancing other indebtedness and GCP, and pay related fees and expenses
• Corporate Ratings: BB+ (neg)/BB+ (stable) (S&P/Fitch)
• Issue Ratings: BB+/BB+ (S&P/Fitch)
• Currency: EUR
• Offering Size: €900,000,000
• Instrument: Senior Unsecured Fixed Rate Notes
• Tenor: 7 Years
• Call Protection: NC3 (50%, 25%, PAR) MWC B+50bp
• Equity claw: 3y 40%
• Special call: 10% per year the first 3 years at 103
• Change of Control: Put @ 101, subject to ratings based portability defined on the OM
• Distribution: Reg S / 144A for life
• ISIN:
• • Reg S: XS3410944709
  • 144A: XS3410944881
• Day Count: 30/360
• Denominations: €100k x €1k
• Listing: TISE
• Governing Law: New York Law
• Covenants: Usual and customary investment grade style covenants (with certain limitations on lien, guarantees and on mergers)
• Settlement: 19-Jun-26 (T+5)
• Joint Global Coordinators and Bookrunners: BNP Paribas (B&D), JPM
• Equity sponsor: L. Catterton (54.1%) (45.9% public float)
• Target Market: No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Books Subject: Books close today at 13:00 UKT / 14:00 CET, pricing thereafter
• Schedule:
• • GIC: 15-Jun-26 @ 11:00 UKT / 12:00 CET
  • 1-on-1s: 15-Jun-26 – 16-Jun-26
  • Pricing 16-Jun-26
• DealRoadshow Link: https://dealroadshow.com (Access Code: BOSTON26SLIDES)
• GIC Registration Link: https://evercall.co/oacc/55304