Commentary & Deal Flow

Px Talk: 6NC1: E+300-325 at par

IPTs: 6NC1: Low to Mid 300s

• Issuer: FR Midco
• Ticker: PICSUR
• Size: €775m
• Format: 144A/Reg S
• No Reg Rights: 144A/Reg S for life
• Security: Floating Rate Senior Secured Notes due 2032
• Corporate Ratings: B2/B/B (Moody's/S&P/Fitch)
• Issue Ratings: B2/B/B+ (Moody's/S&P/Fitch)
• Maturity: 21-July-2032 (6y)
• Optional Redemption: NC1 (MWC B+50bp), then at Par
• Denominations: 100k x 1k
• Listing: TISE
• Law: New York
• Global Coordinators and Physical Bookrunners: Goldman Sachs Bank Europe SE (B&D), HSBC
• Joint Bookrunner: BNP Paribas
• Clearing: Euroclear / Clearstream
• Settles: 21-July-2026
• UOP: Along with EUR8m cash on hand, to redeem Lion/Polaris Luux 4 (LIPOLU) EUR775m FRN due 07/01/29 (callable at 100).
• Equity sponsor: The Zouari family (50.2%) and Intermediate Capital Group plc (ICG) (49.7%).
• Biz: #1 frozen food retailer in France and the brand of choice for the French Food Retail market.
• HQ: Issy-les-Moulineaux, France
  Marketing:
• Fixed income investor meetings: Virtual meetings 06-Jul-26 and 07-Jul-26
• Books close: Today at 11:30 UKT / 12:30 CET
• ToE: 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.

https://evercall.co/oacc/53453
https://dealroadshow.finsight.com/e/PICARD26GIC (Entry Code: PICARD26GIC)