Commentary & Deal Flow

Price talk: 5NC2: 4.625% area (+/-12.5bp); 6.5NC2: 5.00% area (+/-12.5bp)

IPTs: 5NC2: 4.875% area 6.5NC2: 5.250% area (+37.5bps)

• Issuer: Loxam S.A.S. (Ticker LOXAM)
• Business: Largest European equipment-rental group for the construction, industry, public works, services, and events & media sectors. HQ: Paris, France.
• Use of Proceeds:  along with EUR31m cash on hand, EUR303m to finance the acquisition of 50.3% controlling stake in Mills Group (R$16.00 per share, R$3.8bn total equity value, R$4.9bn total enterprise value), refinance existing EUR350m 4.50% sr sec notes due 02/15/27 (callable at 101.125) and EUR400m 6.375% sr sec notes due 05/15/28 (callable at 101.50), and pay related fees and expenses (EUR303m will be placed in escrow pending completion of the Mills acquisition). (Acquisition announced 05/25/26)
• Corporate Ratings: BB- (stable) (S&P)
• Issue Ratings: BB- (S&P)
• Instrument: Senior Secured Notes
• Offering Size: €1,050,000,000 to be split across tranches
• Tenor: 5 years (July 2031) / 6.5 years (Jan 2033)
• Call Protection: NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 45%. Special call: 10% per year the first 2 years at 103 / NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 45%. Special call: 10% per year the first 2 years at 103.
• Change of Control: Put @ 101
• Format: 144A/Reg S No reg rights
• Denominations: €100k x €1k
• Listing: Official List of The International Stock Exchange
• Governing Law: New York Law
• Settlement: 22-Jul-26
• Bookrunners:
• • Lead Left Physical Bookrunner: BNPP (B&D)
  • Joint Global Coordinators and Joint Physical Bookrunners: BNPP, DB
  • Joint Global Coordinators and Joint Bookrunners: CACIB, Natixis
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II 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.
• Timing: Books close at 10:30am UKT 08-Jul-26; Pricing 08-Jul-26
• Marketing Schedule:
• • Global Investor Call: 6-Jul-26 at 10:00 UKT / 11:00 CET
  • 1-on-1s: 6-Jul-26 – 7-Jul-26
• GIC Registration Link: https://evercall.co/oacc/34175
• DealRoadshow: https://dealroadshow.finsight.com (Access Code: LOXAM26)