Commentary & Deal Flow

Reoffer: 5y: G+93bp / 99.488 / 5.244%
Benchmark: 5y: UKT 0.250% 31-Jul-31 @ 81.959 / HR 109%

Final book: £1bn. Peak book: in excess of £1.1bn (pre-rec).

Launched: 5y: £250m @ G+93bp - Books in excess of £1.1bn (pre-rec)
IPTs: 5y: G+110/115bp

• Issuer: Babcock International Group PLC
• Ticker: BABLN
• Country: GB
• Issuer LEI: 213800TSKOLX4EU6L377
• Issuer Rating (S&P): BBB+ (stable)
• Expected Issue Rating (S&P): BBB+
• Format: Senior, Unsecured, Bearer, NGN, Reg S
• Size: £250m
• Settlement Date: 14-Jul-26 (T+5)
• Maturity Date: 14-Jul-31
• Reoffer: Mid G+93bps / 99.488 / 5.177% s.a. / 5.244% a.
• Government Benchmark: UKT 0.250% due 31-Jul-31 @ 81.959 mid, 81.939 bid (HR 109%)
• Coupon: 5.125%, Fixed, Annual, ACT/ACT (ICMA)
• Use of Proceeds: General Corporate Purposes
• Denominations: £100k + £1k
• Issuer Call Option: 3 Month Par Call, Make Whole Call (G+15bps)
• Change of Control Put Option: Applicable, as more fully described in the Base Prospectus
• Listing: London Stock Exchange (Main Market)
• Governing Law: English
• Settlement: Euroclear / Clearstream, Luxembourg
• Documentation: The Notes will be issued pursuant to the Base Prospectus dated 03-Mar-26 under the £3,000,000,000 Euro Medium Term Note Programme and the relevant final terms
• Joint Active Bookrunners: HSBC, NatWest (B&D), Santander
• ISIN / Common Code: XS3437585022 / 343758502
• Selling Restrictions: US: Regulation S Category 2. Not Rule 144A eligible. TEFRA D. No Sales to EEA or UK Retail.
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK.
• Advertisement: This communication is an advertisement. It is not a prospectus. The Base prospectus dated 03-Mar-26 is available at https://www.babcockinternational.com/investors/debt-investors/emtn-programme/ . The Final Terms, when published, will be available at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
• Timing: ToE 14.03 UKT / FTT 14.25 UKT