Commentary & Deal Flow

+++Adds UOP and biz details+++

Reoffer: 6NC1: E+300 / 100

Px Talk: 6NC1: E+300-325 at par
IPTs: 6NC1: Low to Mid 300s

• Issuer: FR Midco
• Company: Picard
• Ticker: PICSUR
• Total Offering: €775,000,000
• Corporate Ratings: B2/B/B (Moody's/S&P/Fitch)
• Issue Ratings: B2/B/B+ (Moody's/S&P/Fitch)
• Issue Type: Floating Rate Senior Secured Notes due 2032
• Coupon / Margin: 3M EURIBOR (0% Floor) + 300 bps
• Issue Price: 100.000%
• Trade Date: 08-Jul-26
• Settlement Date: 21-Jul-26 (T+9)
• Maturity: 21-Jul-32
• Call protection: NC1 / Par
• First Call Date: 01-Jul-27
• Make-Whole Call: At any time prior to 01-Jul-27, at a discount rate of Bund Rate plus 50 bps
• Redemption Prices: Commencing on 01-Jul-27 and thereafter: 100.000%
• Change of Control: Put at 101% of principal plus accrued interest and Additional Amounts, if any, upon a triggering event unless immediately thereafter and giving pro forma effect thereto, the Consolidated Net Leverage Ratio would have been equal to or less than 6.25 to 1.0
• Interest Payment Dates: October 1, January 1, April 1 and July 1, commencing 01-Oct-26. Interest on the Notes will accrue from the Issue Date
• 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)
• Distribution: 144A / RegS, no reg rights
• Denomination: €100k x €1k
• ISIN (RegS): XS3439943203
• Common code (RegS): 343994320
• ISIN (144A): XS3439943385
• Common code (144A): 343994338
• Global Coordinators and Physical Bookrunners: Goldman Sachs Bank Europe SE (B&D), HSBC
• Joint Bookrunners: BNP Paribas
• Clearing / Settlement: Euroclear / Clearstream
• Listing: TISE
• Governing Law: New York
• 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
• Time Of Execution: 08-Jul-26, at 12:40 UKT / 13:40 CET
• Free To Trade: 08-Jul-26, at 14:00 UKT / 15:00 CET
  Marketing:
• Fixed income investor meetings: Virtual meetings 06-Jul-26 and 07-Jul-26
• Books closed: 08-Jul-26 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)