Commentary & Deal Flow

Final Terms: CHF 205m 5NC2: 2.50% at par

IPTs: 5NC2: 2.50-2.625%

• Issuer: NJJ Continental SA (Ticker: MATTER)
• Size: CHF 205m
• Format: Reg S
• Security: Senior Secured Notes
• Corporate Ratings: B1 / BB- / BB- (M/S/F)
• Issue Ratings: B1 / BB- / BB+ (M/S/F)
• Maturity: 2031 (5y)
• Optional Redemption: NC2 (MWC SWISS+50bp) ((50%, 25%, par). Equity claw: 2y 40%
• Change of Control: investor put at 101
• Listing: SIX Swiss Exchange
• Law: New York
• Denoms: 100kx1k
• Goldman Sachs International (B&D, Sole Global Coordinator and Physical Bookrunner)
• BNP PARIBAS, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, J.P. Morgan SE, Société Générale, UBS AG London Branch (Joint Bookrunners)
• Settlement: 31-Jul-26
• UOP: Fully repay existing CHF200m 5.25% sr sec notes due 07/31/28 on or after next call date (31-Jul-26 at 101.313) and fund transaction and redemption costs
• Equity sponsor: NJJ Holding the private holding company of entrepreneur and telecommunications investor Xavier Niel
• Biz: A scaled, multi-country integrated telecommunications business consisting of Salt Group and Monaco Telecom Group (“MTG”), with extensive operations across Switzerland through the former, and Monaco, Cyprus and Malta through the latter. HQ: Prilly, Switzerland
• Timing: Books close at 11:30am / 12:30pm CET 08-Jul-26; pricing 08-Jul-26 UK afternoon
  Marketing:
• Global Investor Call: Today 6th of July at 11:00 UKT / 12:00 CET
• Fixed income investor meetings: July 06-07
• Netroadshow direct link: https://www.netroadshow.com/events/login/1PeTHmohTHi6n7tdJVGuPgDShKfUUDovPVraj; Entry code: NJJ2026