Commentary & Deal Flow

IPTs: USD: Mid to High 6s; EUR: Mid to High 5s

• Company: Castrol
• Issuers: Stonepeak Motion Holdco Limited & Stonepeak Motion Finco LLC
• Sponsors: Stonepeak, CPPIB
• Face Amount: US$1bn Equivalent (US$/EUR)
• Security:
• • US$: US$500 million Senior Secured Notes due 2033
  • EUR: €435 million Senior Secured Notes due 2033
• Structure: 7NC3 (1st call @ Par + 50% of coupon)
• Corporate Ratings: Ba2/BB-/BB (Moody's/S&P/Fitch)
• Issue Ratings: Ba3/BB-/BB+ (Moody's/S&P/Fitch)
• Minimum Denoms.:
• • US$: US$200,000 x US$1,000
  • EUR: €100,000 x €1,000
• Distribution: 144A/Reg S
• Listing: The International Stock Exchange
• Sales into Canada: Yes - Exemption
• Business: Leading independent global player in the finished lubricants and fluids industry across 150+ countries and serving more than 200M customers
• Use of Proceeds: Together with US$1,750mm and €870mm TLBs, to fund the acquisition financing of Castrol, and payment of related transaction fees and expenses
• Settlement:
• • US$: T+12
  • EUR: T+13
• Physical Bookrunners:
• • US$: WFS
  • EUR: UBS
• Joint Global Coordinators: UBS, WF, BNP, GS
• Joint Bookrunners: HSBC, MIZ, MUFG, SANT, SMBC, CACIB, TD, DB, SCOT
• Timing: Roadshow 23-24-Jun-26, Pricing later this week
• Target Market / PRIIPS:
• • US$: N/A
  • EUR: MiFID II / MiFIR professionals / ECPs-only / No PRIIPs KID – 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