Commentary & Deal Flow

+++Updates call structure and UOP details+++

Price talk: USD: 6.25-6.50% EUR: 5.00-5.25%

IPTs: USD: Mid to High 6s EUR: Mid to High 5s

• Company: Castrol
• Issuers: Stonepeak Motion Holdco Limited & Stonepeak Motion Finco LLC
• Sponsors: Stonepeak, CPPIB
• Face Amount: US$1,000 million Equivalent
• Security:
• • US$: US$500 million Senior Secured Notes due 2033
  • EUR: €435 million Senior Secured Notes due 2033
• Structure: 7NC3 (1st call @ Par + 50% of coupon)
• Call Structure: NC3 (MWC B/T+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103.
• Corporate Ratings: Ba2 (Stable) / BB- (Stable) / BB (Stable) (Moody's/S&P/Fitch)
• Issue Ratings: Ba3/BB-/BB+ (Moody's/S&P/Fitch)
• Minimum Denoms.:
• • US$: US$200,000 x US$1,000
  • EUR: €100,000 x €1,000
• Distribution: 144A/Reg S no reg rights
• Listing: The International Stock Exchange
• Change of Control: investor put at 101
• Sales into Canada: Yes - Exemption
• Business: Leading independent global player in the finished lubricants and fluids industry across 150+ countries and serving more than 200M customers. HQ: Pangbourne, UK.
• Use of Proceeds: along with USD1,750m and EUR870m TLBs, fund the acquisition of a 65% interest in Castrol by Stonepeak and CPIB from BP plc for a total enterprise value of US$10.1bn (total equity value of  $8.164bn). BP will retain a 35% stake in Castrol ($2bn rollover equity) and there is $1.759 rolled JV minority interest. Stonepeak and CPPIB will provide $2.734bn in cash equity (CPIB will provide up to USD1.05bn in cash equity for a 30% stake in the ultimate parent company SP ParenCo with Stonepeak owning the other 70%). (Acquisition announced 01/15/26).
• Settlement:
• • US$: T+12
  • EUR: T+13
• Physical Bookrunners:
• • US$: WFS
  • EUR: UBS
• Joint Global Coordinators: UBS, WF, BNP, GS
• Joint Bookrunners: HSBC, MIZ, MUFG, SANT, SMBC, CACIB, TD, DB, SCOT
• Timing:
• • USD: Wednesday 24-Jun-26, 10:30 AM ET
  • EUR: Wednesday 24-Jun-26, 15:30 BST
  • Pricing Wednesday 24-Jun-26
• Target Market / PRIIPS:
• • US$: N/A
  • EUR: MiFID II / MiFIR professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MIFID II / MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK