Commentary & Deal Flow

Final size/price talk: €500m (down from €650m); 6.25%-6.375% (EUR150m downsize shifted to the term loan)

Price talk: 6.50% area (+/-12.5bp)

IPTs: high 6s-7%

• Company: Constantia Flexibles
• Issuer: Constantia Flexibles GmbH (COFAV)
• Sponsor: One Rock Capital Partners
• Business: Global leader in flexible packaging. HQ: Vienna, Austria
• Ratings:
• • Corporate Family (Moody's/S&P/Fitch): B2 (stable) / B- (positive) / B (positive)
  • Instrument (Moody's/S&P/Fitch): B2 / B- / B+
• Issue: Senior Secured Fixed Rate Notes
• Size: €500m (down from €650m)
• Tenor: 6 years
• Call Protection: 6NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103
• Use of Proceeds: Along with EUR1.4bn (up from EUR1.25bn) 6y TLB and EUR93m cash on hand, to refinance its existing EUR1.95bn unitranche facility and EUR19m existing local debt facilities. (EUR150m downsize shifted to the term loan B)
• Format: 144A/Reg S. No reg rights
• Denominations: €100k x €1k
• Listing: Official List of The International Stock Exchange
• Change of Control: Investor put at 101
• Target Market: 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.
• Joint Global Coordinators and Joint Physical Bookrunners: Barclays, BNP Paribas, J.P. Morgan (B&D)
• Joint Bookrunners: Citi, CACIB, Erste, GS, Helaba, ING, IS, LBBW, MS, MUFG, RBC, RBI, UniCredit
• Global Investor Call: Monday, 22-Jun-26 @ 11:00 UKT / 12:00 CET
• • To attend, please register at: https://www.netroadshow.com/events/login/1PeTHmohM0JnbLTh69wS6l7D1rMJLbWQmFWSd
  • Alternatively, please use the following dial-in details:
  • UK (Toll-Free): +44 808 189 0158
  • Participant Access Code: 647299
• Roadshow: Small group 1x1s available on Monday, 22-Jun-26 and Tuesday, 23-Jun-26
• NetRoadshow: https://www.netroadshow.com/events/login/1PeTHmohM0JnbLTh69wS6l7D1rMJLbWQmFWSd
• Books close: 10am UKT / 11am CET (from 12pm UKT / 1pm CET) 25-Jun-26. Reconfirms due by 12:30pm UKT 25-Jun-26. Pricing 25-Jun-26 UK afternoon