Commentary & Deal Flow

• Price Progression:
• • Priced: 6.125% at 100. +344bp vs DBR 1.7% 15-August-2031
  • Price talk: 6.25% area
  • IPT: Mid-High 6s
• Spread to Benchmark: +344bp
• Benchmark: DBR 1.7% 15-August-2031
• Issuer: Nouryon Finance B.V., Nouryon USA LLC
• Ticker: SPCHEM
• Size: EUR450m (down from up to EUR875m / USD1bn equiv; EUR425m downsize shifted to TLBs)
• Format: 144A/Reg S; No Reg Rights
• Security: 6.125% Senior Secured Notes due 15-July-2031 (5y)
• Issue Ratings: B2/B+/BB- (stable/stable/stable)
• Maturity: 15-July-2031 (5y)
• Optional Redemption: NC1 (15-July-2027) (MWC B+50bp)
• • 15-July-2027: 102.000
  • 15-July-2028: 101.000
  • 15-July-2029: 100.000
• Equity claw: 2y 40% at 106.125
• Special call: 10% per year first 2 years at 103
• Change of Control: CoC at 101
• Payment dates: Jan 15 and Jul 15, commencing 15-January-2027
• Denominations: 100kx1k
• Reg S ISIN: XS3427510246
• 144A ISIN: XS3427512614
• Listing: TISE
• Law: New York
• Lead Left: GS (B&D)
• Joint Global Coordinators: GS / JPM / Barclays / HSBC
• Joint Bookrunners: ABN AMRO / BNP / BofA / Citi / Commerz / CACIB / DB / ING / Miz / MS / MUFG / NatWest / Rabo / RBC / Sant / StanChart / SEB / SMBC / SocGen / UBS
• Co-manager: Carlyle
• Settles: 08-July-2026 (T+10)
• Trade Date: 23-June-2026
• UOP: 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)
• Equity sponsors: Carlyle and GIC
• Biz: 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

Marketing:

• Investor Call: 22-June-2026 at 1pm UKT
• Small group meetings: 22-June-2026
• Books closed: 4pm UKT 23-June-2026
• ToE: 6:59pm UKT 23-June-2026
• FTT: 8am UKT 24-June-2026

NetRoadshow registration: https://www.netroadshow.com/events/login/1PeTHmohY9LqfXLKx3gLlt5nMpjMJcik0iUFx