Commentary & Deal Flow

Priced: 7.625% at 100. +459bp

Final Price Talk: 7.625% -7.75%

Price talk: 8.00% area (+/- 12.5bp)

IPTs: 5NC2: 8.25-8.50%

• Company: profine
• Issuer: HT Troplast GmbH
• Ticker: PRFINE
• Business: Leading global manufacturer of PVC profile systems for windows and doors, a notable supplier of PVC sheets currently transforming into a full solution provider for the fenestration industry. HQ: Pirmasens, Germany
• Issue Ratings: B2/B (stable/stable) (Moody's/S&P)
• Issue: Senior Secured Fixed Rate Notes
• Size: €430m
• Maturity: 15-Jun-31
• Tenor: 5 years
• Call Protection: NC2 (50% / 25% / par), MWC B+50bp, Equity claw: 2y 40% at 107.625
• • 103.813 15-Jun-28
  • 101.906 15-Jun-29
  • 1000.000 15-Jun-30
• Change of Control: 101
• Coupon: 7.625%
• Issue Price: 100
• Yield: 7.625%
• Spread: +495bp
• Benchmark: DBR 0.00% 15-Aug-31
• Final price talk: 7.625%-7.75%
• Price talk: 8.00% area (+/- 12.5bp)
• IPTs: 8.25-8.50%
• Use of Proceeds: Proceeds, along with EUR9m of cash on hand, will be used to refinance existing EUR380m 9.375% Senior Secured Notes due 15-Jul-28 (callable at 102.344) and pay associated redemption (EUR9m) and accrued interest costs (EUR18m), repay EUR22m drawn on its sr sec RCF, and pay transaction-related fees and expenses
• Distribution: Reg S / 144A. No reg rights
• Denominations: €100k x €1k
• ISINs: XS3415269490 (Reg S); XS3415269656 (144A)
• Common Codes: 341526949 (Reg S); 341526965 (144A)
• Listing: Official List of The International Stock Exchange
• Settlement Date: 06-Jul-26
• Ownership: privately owned with the CEO Peter Msorik owning about 95%
• 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
• Joint Global Coordinators and Joint Physical Bookrunners: J.P. Morgan (B&D), Deutsche Bank
• Joint Bookrunners: BNP Paribas, Commerzbank
• Timing: Reconfirms were due by 14:15 UKT / 15:15 CET today, 18-Jun-26. Pricing to follow.
• Global Investor Call: 17-Jun-26 @ 11.00 UKT / 12.00 CET
• • To attend, please register at: https://www.netroadshow.com/events/login/1PeTHmohCE5NGOQs69osWFNBMkYU3FiTS92Ft
  • Alternatively, please use the following dial-in details:
  • UK (Toll Free): +44 808 189 0158
  • Participant Access Code: 451033
  • Global dial-in numbers: Global Dial-In Numbers
• Roadshow: Small group 1x1s available on 17-Jun-26 and 18-Jun-26
• NetRoadshow:
• • www.netroadshow.com/nrs/home/#!/?show=08853151
  • www.netroadshow.com and enter the review entry code: NEWSTAR26 (not case-sensitive)
• FTT: 4:20pm UKT 18-Jun-26