Commentary & Deal Flow

Px Talk: 8.00% area (+/- 12.5)

IPT: 8.25% area

• Issuer: Clariane SE (CLARFP)
• Business: Europe’s leading care service provider with activities in non-acute care, healthy aging and dependency prevention
• Use of Proceeds: Repay in full outstanding €332.5m ODIRNANE bonds, pay fees and expenses
• Corporate Ratings: B2 (Stable) / B+ (Stable) (Moody's/S&P)
• Issue Ratings: Unrated
• Currency: EUR
• Offering Size: €333,000,000
• Instrument: Undated NC3 Subordinated Fixed Rate Resettable Notes
• Ranking: Deeply Subordinated
• Tenor: Perpetual
• Optional Redemption: NC2.75 (MWC B/OAT+50bp)
• First Reset Date: Year 3
• Coupon Step Up: 500bps at First Reset Date
• Optional Interest Deferral: Optional deferral on any payment date (cumulative in cash, compounding); arrears of interest may be settled in cash at any time, and must be settled under certain conditions
• Special Event Redemption: Gross-up, withholding tax, tax deductibility, accounting, repurchase (75%), change of control event each at par plus accrued interest and arrears of interest
• Distribution: Reg S
• Denominations: €100k x €100k
• Listing: Euronext Dublin
• Governing Law: French Law
• Settlement: 29-Jun-26
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas (B&D), CACIB, SG
• Joint Bookrunners: CIC, GS, NTX
• Marketing: Roadshow (1-on-1s) 22-23 June (Investor call at 10:15pm UKT / 11:15pm CET 22 June.
• DealRoadshow Information: Visit https://dealroadshow.com and enter the deal entry code: COQUELICOT26
• GIC Registration Link: https://evercall.co/oacc/83547
• Timing: Books close today, 23-Jun-26 at 13:30 UKT / 14:30 CET, pricing thereafter