Commentary & Deal Flow

Priced: 5.5% at 100 / B+287.9bp

Final terms: EUR350m at 5.50% yield

Price Talk: 5.5% area (+/- 12.5)

IPTs: Mid to High 5%

• Spread to Benchmark: B+287.9bp
• Benchmark: OBL 2.5% 04/2031 at 99.445
• Issuer: HelloFresh SE
• Ticker: HFGGR
• Size: EUR350m
• Format: Reg S, bearer form
• Security: 5.5% Senior Notes due 2031
• Issue Ratings: S&P: BB+ (stable)
• Maturity: 08-July-2031 (5y)
• Optional Redemption: NCL, with MWC (B+45bp) and 3-month par call
• Special call: Tax Call, 75% Clean-Up Call
• Change of Control: CoC at 100
• Covenant Suspension: Asset Disposal and Limitation of further indebtedness to be suspended during any period in which Issuer is rated at or above BBB- by S&P (or equivalent).
• Denominations: 100k+100k
• Reg S ISIN: XS3435244804
• Listing: EuroMTF, Luxembourg Stock Exchange
• Law: German Law
• Deutsche Bank (B&D), BNP Paribas, Rabobank, UniCredit (Joint Bookrunners)
• Settles: 08-July-2026 (T+5)
• Trade Date: 25-June-2026
• UOP: General corporate purposes, including the refinancing of existing indebtedness (EUR73m term loan B)
• Biz: Provides online food services.
• HQ: Berlin, Germany
  Marketing:
• Investor Call: 29-June-2026 to 30-June-2026
• Books closed: at 12:45 LDN / 13:45 CET. Final books > EUR395m (from > EUR675m)
• FTT: 14:00 UKT / 15:00 CET
• ToE: 13:33 UKT / 14:33 CET

http://www.netroadshow.com/nrs/home/#!/?show=8e952e75
Entry code: HelloFresh26