Commentary & Deal Flow

Final Price Talk: 4.875-5.00% (WPIR)

Price Talk: 5.00-5.25%

IPT: Mid 5s

• Issuer: Transportes Aéreos Portugueses, S.A. (Ticker: TAPTRA)
• Status: Senior Notes
• Ratings: Corporate: Ba3/BB- (Moody's/S&P), Expected Issue: Ba3/BB- (Moody's/S&P)
• Format: Reg S only, Bearer form
• Size: €350m (€50m upsize for GCP)
• Maturity: Jun-31 (5-year)
• Use of Proceeds: General corporate purposes
• Optional Redemption: Make-whole call at Bunds + 50bps. 6-month par call prior to maturity. Change of Control Put at 101%.
• Change of Control: 101
• Listing: Euronext Dublin (Official List)
• Governing Law: New York
• Denominations: €100k x €1k
• ISIN: PTTAPBOM0015
• Joint Global Coordinators & Physical Bookrunners: Citi (B&D), Crédit Agricole CIB
• Joint Bookrunners: BofA, Morgan Stanley
• Timing: Reconfirms due 3:15pm UKT / 4:15pm CET today, 18-Jun-26
• Business: the leading airline in Portugal. HQ: Lisbon.
• Marketing: A Global Investor Call is scheduled for 11:00am UKT / 12:00pm CET on Wednesday, 17-Jun-26, with Small Group Meetings on Wednesday, 17-Jun-26 & Thursday, 18-Jun-26.
• NetRoadshow Registration: https://www.netroadshow.com/events/login/1PeTHmohK1mQ7ohDYflNzGKiAwBjgWfvPuhVR
• Slides Link: https://www.netroadshow.com/nrs/home/#!/?show=6146d6dc
• Deal code: TapAir26