Commentary & Deal Flow

Price Talk: 6.25% are (at par), EUR425m downsize shifted to the term loans

IPTs: 5NC1: Mid to High 6s

• Issuer: Nouryon Finance BV, Nouryon USA LLC (TICKER: SPCHEM)
• Business: Leading global specialty chemicals manufacturer providing essential solutions for a diverse portfolio of products, end markets, customers and geographies. HQ: Amsterdam, The Netherlands and Radnor, PA
• Issue: Senior Secured Fixed Rate Notes
• Expected Instrument Ratings: B2/B+/BB- (stable/stable/stable) (Moody's/S&P/Fitch)
• Format: 144A/Reg S
• Size: €450m (down from up to €875m (US$1bn equiv))
• Tenor: 5 years
• Call Protection: 5NC1 (MWC B+50bp) (102, 101, Par); Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103.
• Use of Proceeds: along with US$3.35bn (up from 3.17bn) and EUR1.692bn (up from EUR1.4bn) term loan Bs, to repay the existing USD3.102bn TLB due 2028, USD733m incremental TLB due 2028 and EUR1.692bn (USD1.941bn) due 2028 (the EUR425m down size was switched to the term loan Bs)
• Denominations: €100,000 x €1,000
• Governing Law: New York Law
• Listing: The International Stock Exchange (TISE)
• Change of Control: investor put at 101
• Target Market: Eligible counterparties and professional clients only
• Lead Left Bookrunner: Goldman Sachs & Co. LLC (B&D)
• Global Coordinators: Goldman Sachs & Co. LLC, J.P. Morgan, Barclays, HSBC
• Joint Bookrunning Managers: JPM/Barclays/HSBC jt glocos/ABN AMRO/BNP/BofA/Citi/Commerz/CACIB/DB/ING/Miz/MS/JUFG/NatWest/Rabo/RBC/Santander/StanChart/SEB/SMBC/SocGen/UBS
• Co-manager: Carlyle
• Equity sponsors: Carlyle and GIC
• Timing: Books close 23-Jun-26 at 4pm UKT; Pricing 23-Jun-26 afternoon
• Global Investor Call Timing: 22-Jun-26 at 13:00 UKT
• Registration Link / Slides: https://www.netroadshow.com/events/login/1PeTHmohY9LqfXLKx3gLlt5nMpjMJcik0iUFx
• Small Group Meetings: 22-Jun-26