Commentary & Deal Flow

Priced: 5yr: 4.875% at 99.44951, yield 4.875%
Benchmark: DBR 0% 15-Aug-31 @ +221bp

Final Price Talk: 5yr: 4.875-5.00% (WPIR)
Price Talk: 5yr: 5.00-5.25%
IPTs: 5yr: Mid 5s

• Issuer: Transportes Aéreos Portugueses, S.A.
• Ticker: TAPTRA
• Business: Leading airline in Portugal. HQ: Lisbon
• Status: Senior Notes
• Corporate Ratings: Ba3/BB- (stable/stable) (Moody's/S&P)
• Issue Ratings: Ba3/BB- (Moody's/S&P)
• Size: €350m (€50m upsize for GCP)
• Settlement Date: 26-Jun-26 (T+6)
• Maturity: 30-Jun-31
• Coupon: 4.750%
• Issue Price: 99.44951%
• Yield to Maturity: 4.875%
• Benchmark: DBR 0% due 15-Aug-31
• Spread to Benchmark: +221bp
• Use Of Proceeds: General corporate purposes
• Optional Redemption: 6-month (30-Dec-26) Par call, make-whole call (B+50), change of control (101%)
• Change of Control: 101
• Interest Payment Dates: June 30 and December 30 of each year, commencing 30-Dec-26
• Listing: Application will be made to the Official List of Euronext Dublin
• Format: Reg S Only
• ISIN: PTTAPBOM0015
• Common Code: 342030475
• Governing Law: New York
• Minimum Denomination: €100k x €100k
• Joint Global Coordinators & Physical Bookrunners: Citi (B&D), Crédit Agricole CIB
• Joint Bookrunners: BofA, Morgan Stanley
• TOE: 18-Jun-26, 17:25 UKT.
• FTT: 19-Jun-26, 8:00am UKT
• Timing: Books closed 2:30pm UKT / 3:30pm CET today, 18-Jun-26. Reconfirms were due 3:15pm UKT / 4:15pm CET today, 18-Jun-26
• 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