Commentary & Deal Flow

+++Adds TOE and FTT+++

• Price Progression:
• • Priced: 7.875% at 100. +508.9bp vs FRTR 0.5% 25-May-2029
  • Price talk: 8% area (+/-12.5bp)
  • IPT: 8.25% area
• Spread to Benchmark: +508.9bp
• Benchmark: FRTR 0.5% 25-May-2029
• Issuer: Clariane SE
• Ticker: CLARFP
• Size: EUR333m
• Format: Reg S
• Security: Perpetual NC3 Subordinated Fixed Rate Resettable Notes
• Issue Ratings: Unrated
• Maturity: Perpetual
• Optional Redemption: NC2.75; from 29-March-2029 (First Call Date) until 29-June-2029 (First Reset Date) and every interest payment date thereafter at 100.000% (MWC OAT+50bp)
• First Reset Date: 29-June-2029 (3y)
• Coupon: 7.875% until 29-June-2029; thereafter 5yr Mid-Swaps + initial margin + 500bp step-up
• Yield to First Reset Date: 7.875%
• Spread to Mid-Swaps (Initial Margin): +511.7bp
• Coupon Step-Up: 500bp 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
• Payment Dates: Annual — 29-June (first payment 29-June-2027)
• Day Count: Act/Act
• Denominations: 100kx100k
• Reg S ISIN: FR00140198T3
• Listing: Euronext Dublin
• Law: French Law
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas (B&D), CACIB, SG
• Joint Bookrunners: CIC, GS, NTX
• Settles: 29-June-2026
• Trade Date: 23-June-2026
• UOP: Repay in full outstanding EUR332.5m ODIRNANE bonds
• Biz: Europe's leading care service provider with activities in non-acute care, healthy aging and dependency prevention
  Marketing:
• Roadshow: 1-on-1s 22-23-June-2026
• Investor Call: 10:15pm UKT / 11:15pm CET, 22-June-2026
• Books closed: 13:30 UKT / 14:30 CET, 23-June-2026
• TOE: 23-JUN-2026, 15:28 UKT
• FTT: 23-JUN-2026, 16:45 UKT

DealRoadshow: https://dealroadshow.com — deal entry code: COQUELICOT26
GIC Registration: https://evercall.co/oacc/83547