Commentary & Deal Flow

• Price Progression:
• • Priced: 6.25% at 100. +360bp vs DBR 1.7% August-2032
  • Final price talk: 6.25%-6.375%
  • Price talk: 6.5% area (+/-12.5bp)
  • IPT: High 6s-7%
• Spread to Benchmark: +360bp
• Benchmark: DBR 1.7% Due August 15, 2032
• Issuer: Constantia Flexibles GmbH
• Ticker: COFAV
• Size: €500m (down from €650m)
• Format: 144A/Reg S
• No Reg Rights: 144A/Reg S for life
• Security: 6.25% Senior Secured Fixed Rate Notes due 2032
• Tranche Size: €500m
• Issue Ratings: B2/B-/B+ (stable/positive/positive)
• Maturity: 15-July-2032 (6y)
• Optional Redemption: NC2 (15-July-2028) (MWC B+50bp)
• • 15-July-2028: 103.125
  • 15-July-2029: 101.5625
  • 15-July-2030: 100.000
• Equity claw: 2y 40% at 106.25
• Special call: 10% per year the 1st 2 years at 103
• Change of Control: CoC at 101
• Payment dates: 15-January and 15-July of each year commencing 15-January-2027
• Denominations: 100kx1k
• Reg S Common Code: 342573819
• Reg S ISIN: XS3425738195
• 144A Common Code: 342573827
• 144A ISIN: XS3425738278
• Listing: Official List of The International Stock Exchange
• Joint Physical Bookrunners and Global Coordinators: Barclays, BNP Paribas, J.P. Morgan (B&D)
• Joint Bookrunners: Citi, CACIB, Erste, GS, Helaba, ING, IS, LBBW, MS, MUFG, RBC, RBI, UniCredit
• Settles: 07-July-2026
• Trade Date: 25-June-2026
• UOP: Along with €1.4bn (up from €1.25bn) 6y TLB and €93m cash on hand, to refinance its existing €1.95bn unitranche facility and €19m existing local debt facilities. (€150m downsize shifted to the term loan B)
• Equity sponsor: One Rock Capital Partners
• Biz: Global leader in flexible packaging
• HQ: Vienna, Austria
  Marketing:
• Roadshow: Small group 1x1s available on 22-23-June-2026
• Investor Call: 22-June-2026 11:00am UKT / 12:00pm CET
• Books closed: 25-June-2026 10:00am UKT / 11:00am CET (from 12:00pm UKT / 1:00pm CET)
• Reconfirmations were due: 25-June-2026 12:30pm UKT
• Pricing: 25-June-2026 UK afternoon
• FTT: 26-June-2026 7:45am UKT
• ToE: 25-June-2026 2:35pm UKT

https://www.netroadshow.com/events/login/1PeTHmohM0JnbLTh69wS6l7D1rMJLbWQmFWSd