Commentary & Deal Flow

Reoffer: 5NC2: 4.625% / 100 6.5NC2: 5.000% / 100
Benchmark: 5NC2: DBR 0% 15-Feb-31 6.5NC2: DBR 2.5% 15-Nov-32

Launched: 5NC2: €600m @ 4.625% 6.5NC2: €450m @ 5.00%
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
• Tranche Size:
• • 5NC2: €600,000,000
  • 6.5NC2: €450,000,000
• Maturity:
• • 5NC2: 22-Jul-31
  • 6.5NC2: 22-Jan-33
• Coupon:
• • 5NC2: 4.625%
  • 6.5NC2: 5.000%
• Issue Price:
• • 5NC2: 100
  • 6.5NC2: 100
• YTM:
• • 5NC2: 4.625%
  • 6.5NC2: 5.000%
• Spread to Benchmark:
• • 5NC2: 187bps
  • 6.5NC2: 212bps
• Benchmark:
• • 5NC2: DBR 0% 15-Feb-31
  • 6.5NC2: DBR 2.5% 15-Nov-32
• Make-Whole:
• • 5NC2: BUNDS + 50bps
  • 6.5NC2: BUNDS + 50bps
• 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.
• Optional Redemption:
• • 5NC2: Commencing 22-Jul-28 – 102.3125%
  • 5NC2: Commencing 22-Jul-29 – 101.1563%
  • 5NC2: Commencing 22-Jul-30 – 100.000%
  • 6.5NC2: Commencing 22-Jul-28 – 102.5000%
  • 6.5NC2: Commencing 22-Jul-29 – 101.2500%
  • 6.5NC2: Commencing 22-Jul-30 – 100.000%
• Equity Claw:
• • 5NC2: Up to 45% @ 104.625
  • 6.5NC2: Up to 45% @ 105.000
• Interest Payment Dates:
• • 5NC2: Semi Annual, 15 May / 15 November
  • 6.5NC2: Semi Annual, 15 April / 15 October
• First Interest Payment Date:
• • 5NC2: 15-Nov-26
  • 6.5NC2: 15-Oct-26
• Day Count: 30/360
• 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
• ISIN:
• • 5NC2: Reg S: XS3439957682, 144A: XS3439957765
  • 6.5NC2: Reg S: XS3439957849, 144A: XS3439975585
• Trade Date: 8-Jul-26
• Settlement: 22-Jul-26 (T+9)
• 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.
• Books Closed: 10:30am UKT 08-Jul-26; Reconfirm were due by 11:20am UKT 8-Jul-26
• TOE: 14:40 UKT, 8-Jul-26
• FTT: 16:00 UKT, 8-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)