Commentary & Deal Flow

+++Adds UOP, Call, Biz details+++

Reoffer: 5NC2: 2.50% / 100
Benchmark: SWISS 2.25% 22-Jun-31 / Spread +227bp

Launched: 5NC2: CHF 205m @ 2.50% at par
IPTs: 5NC2: 2.50-2.625%

• Issuer: NJJ Continental SA (Ticker: MATTER)
• Size: CHF 205m
• Security Description: Senior Secured Notes due 2031
• Corporate Ratings: B1/BB-/BB- (Moody's/S&P/Fitch)
• Issue Ratings: B1/BB-/BB+ (Moody's/S&P/Fitch)
• Use of Proceeds: 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
• Trade Date: 08-Jul-26
• Settlement Date: 31-Jul-26 (T+17)
• Maturity Date: 15-Jul-31
• Coupon: 2.500%
• Offering Price: 100.000%
• Spread to Benchmark: 227bps
• Benchmark: SWISS 2.25% 22-Jun-31 benchmark
• Interest Payment Dates: Semi-annually in arrears on each 15 March and 15 September, commencing on 15-Sep-26
• First Call Date: 15-Jul-28
• Make-Whole Call: At any time prior to 15-Jul-28, at a redemption price equal to the greater of 100% of the principal amount of the Notes, plus the relevant Applicable Premium (SWISS+50bp) as of, and accrued and unpaid interest and Additional Amounts, if any, to, but not including, the redemption date
• Redemption Dates & Prices: Commencing 15-Jul-28: 101.250%; Commencing 15-Jul-29: 100.625%; Commencing 15-Jul-30 and thereafter: 100.000%
• Equity claw: 2y 40% at 102.50
• Distribution: Reg S only
• Delivery: SIX SIS
• Identification Numbers: ISIN: CH1583584417, Valor: 158358441
• Denominations: CHF 100,000 minimum; CHF 1,000 increments
• Listing: SIX Swiss Exchange
• Governing Law: New York
• Sole Global Coordinator: Goldman Sachs International (B&D)
• Joint Bookrunners: BNP PARIBAS, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, J.P. Morgan SE, Société Générale and UBS AG London Branch
• 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
• Books Closed: 11:30am / 12:30pm CET 08-Jul-26
• ToE: 08-Jul-26 at 13:07 UKT / 14:07 CET
• FTT: 08-Jul-26 at 14:00 UKT / 15:00 CET
  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