Commentary & Deal Flow

• Company: Picard (Ticker: PICSUR)
• Issuer: FR Midco
• Business: #1 frozen food retailer in France and the brand of choice for the French Food Retail market.  HQ: Issy-les-Moulineaux, France
• Corporate Ratings: B2/B/B (Moody's/S&P/Fitch)
• Issue Ratings: B2/B/B+ (Moody's/S&P/Fitch)
• Use of Proceeds: along with EUR8m cash on hand, to  redeem Lion/Polaris Luux 4 (LIPOLU) EUR775m FRN due 07/01/29 (callable at 100).
• Issue Type: Floating Rate Senior Secured Notes due 2032
• Size: €775 million
• Tenor: 6 years
• Call Protection: NC1 (MWC B+50bp), then at Par
• Format: 144A/Reg S. No reg rights.
• Denominations: €100k x €1k
• Bookrunners:
• • Global Coordinators and Physical Bookrunners: Goldman Sachs Bank Europe SE (B&D), HSBC
  • Joint Bookrunner: BNP Paribas
• Clearing / Settlement: Euroclear / Clearstream
• Listing: TISE
• Governing Law: New York
• Equity sponsors: the Zouari family (50.2%) and Intermediate Capital Group plc (ICG) (49.7%).
• Target Market: Manufacturer target market (EU MIFID II / UK 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 in the UK
• Timing: Books open, pricing to follow.
• Marketing:
• Global Investor Call: Today, 06-Jul-26 at 11:00 AM UKT
• Small Group Meetings: Virtual meetings Today, 06-Jul-26 and Tuesday, 07-Jul-26
• Registration Link: https://evercall.co/oacc/53453

DealRoadshow Information:

• URL: https://dealroadshow.finsight.com/e/PICARD26GIC
• Entry Code: PICARD26GIC