Commentary & Deal Flow

• Price Progression:
• • Priced: 6.5% at 100. +381bp vs DBR 1.7% 15-August-2032
  • Price talk: 6.5%-6.75%
  • IPT: 6.75%-7%
• Spread to Benchmark: +381bp
• Benchmark: DBR 1.7% 15-August-2032
• Issuer: TeamSystem S.p.A.
• Ticker: TITANL
• Size: EUR700m
• Format: 144A/Reg S; No reg Rights
• Security: 6.5% Senior Secured Notes due 2032
• Issue Ratings: B2 / B / B (stable/stable/stable)
• Maturity: 01-July-2032 (6y)
• Optional Redemption: NC2 (01-July-2028) (MWC T+50bp)
• • 01-July-2028: 103.250
  • 01-July-2029: 100.000
• Equity claw: 2y 40% at 106.5
• Special call: 10% per year for the first 2 years at 103
• Change of Control: CoC at 101
• Payment Dates: 15-April and 15-October (first payment 15-October-2026)
• Denominations: 100kx1k
• Reg S ISIN: XS3425737114
• Reg S Common Code: 342573711
• 144A ISIN: XS3425737387
• 144A Common Code: 342573738
• Listing: Luxembourg Stock Exchange
• Law: New York Law
• Global Coordinators and Physical Bookrunners: Goldman Sachs Bank Europe SE (B&D), JP Morgan
• Joint Bookrunners: Barclays, BNP Paribas, BofA Securities, Deutsche Bank, IMI – Intesa Sanpaolo, Mediobanca, Morgan Stanley, Nomura, UBS Investment Bank, UniCredit
• Settles: 06-July-2026 (T+8 U.S. / T+9 U.K.)
• Trade Date: 23-June-2026
• UOP: Redeem the EUR300m 3.5% sr sec notes due 15-February-2028, repay EUR180m drawn on its super sr RCF, EUR178m to prefund existing earn-outs/deferred consideration due 2026
• Equity sponsor: Hellman & Friedman (69%), Silver Lake (12.3%), ADIA (9.8%), CapitalG (2.8%)
• Biz: Prominent European provider of AI-powered mission critical integrated SaaS solutions, enabling digital transformation for small, medium, and professional businesses across Italy, Spain, Türkiye, France, and Israel
• HQ: Milan, Italy
• Marketing:
• • Investor Call: 22-June-2026 at 10:30 UKT / 11:30 CET
  • Books closed: 14:45 UKT / 15:45 CET, 23-June-2026
  • FTT: 24-June-2026, 08:00 UKT
  • ToE: 23-June-2026, 17:00 UKT

GIC Registration: https://www.netroadshow.com/events/login/1PeTHmohK1BLaN34lnssfN9Tr29wEA9nD9cve