Commentary & Deal Flow

Final terms: €1,100m (up from €750m minimum) at 4.25% coupon/yield (upsize to repay term loans)

Price talk: 4.25%-4.50%

IPTs: 5.5NC2: 4.50-4.75%

• Issuer: Zegona Finance plc (ZEGLN)
• Business: Leading integrated provider of broadband, mobile and TV in Spain. HQ: Madrid, Spain
• Issue: Senior Secured Fixed Rate Notes due 2032
• Size: Min. 1,100m (up from €750m)
• Currency: EUR
• Tenor: 5.5 years
• Call Protection: NC2 (MWC B+50bp), 50%, 25%, Par. Equity claw: 2y 40%. Special call: 10% per year the 1st 2 yeares at 103
• Use of Proceeds: Proceeds, along with EUUR100m cash on hand, EUR1.283bn (vs minimum EUR750m) TLB-4 and a new EUR1.35bn (vs EUR1.25bn) TLA-1, will be used to refinance the company's existing EUR1.665bn TLB-3, EUR1.32bn 6.75% sr sec notes due 15-Jul-29 (callable at 103.375 15-Jul-26, and US$810m 8.625% sr sec notes due 15-Jul-29 (callable at 104.313 15-Jul-26)
• Corporate Ratings (M/S/F): Ba2 (stable) / BB (positive) / BB+ (stable)
• Issue Ratings (M/S/F): Ba2 / BB / BBB-
• Governing Law: New York
• Format: 144A / RegS
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Denominations: €100,000 / €1,000
• Clearing: Euroclear / Clearstream
• Global Coordinators and Physical Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank (B&D), Goldman Sachs Bank Europe SE, UniCredit
• Global Coordinators and Joint Bookrunners: BBVA, DNB Carnegie, ING, Natixis, Santander
• Joint Bookrunners: AXIA, Banco Sabadell, Barclays, Citi, IMI-Intesaaa Sanpaolo,J.P. Morgan, MUFG, Mediobanca, RBC Capital Markets, SMBC
• Timing: Investor Call Tuesday, 23-Jun-26, at 12:00 UKT / 13:00 CET
• Books close: 25-June-26 at 4pm UKT /5pm CET (from 2:30pm UKT / 3:30pm CET)
• Pricing: Thursday, 25-Jun-26 (originally pricing 26-Jun-26)
• Loan Commitment Deadline: Moved to 25-Jun-26 at 4pm UKT (from 10am UKT 26-June-26)
• Global Investor Call Registration Link: https://www.netroadshow.com/events/login/1PeTHmoj7tnRK3uXvxlrJ59XusxpKowoRzZZZ
• Netroadshow Code: ZEGONA26
• Direct Access Link: www.netroadshow.com/nrs/home/#!/?show=700b80a0
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / DISC disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Offering Memorandum, when published, will be available on the website of the Luxembourg Stock Exchange at: https://www.bourse.lu