Commentary & Deal Flow

Reoffer: 4yr: MS+105bp / 99.72 / 3.952% 7yr: MS+143bp / 99.64 / 4.436%
Benchmark: 4yr: OBL 2.4% 30-Apr-30 @ 98.76 / B+120.3 / HR 103% 7yr: DBR 2.3% 28-Feb-33 @ 96.40 / B+153.0 / HR 102%

4yr: Final Books >€1.65bn. Peak book >€2bn.
7yr: Final Books >€1.5bn. Peak book >€1.75bn.

Launched: 4yr: €850m @ MS+105bp 7yr: €650m @ MS+143bp
Guidance: 4yr: MS+110bp (+/-5 WPIR) 7yr: MS+145bp (+/-5 WPIR) - Books >€3.75bn (4yr >€2bn, 7yr >€1.75bn)
IPTs: 4yr: MS+135a 7yr: MS+170/175bp

• Issuer: Mileway EUR Lux Holdco S.à r.l. (Ticker: MILEWY; Country: LUX)
• Guarantors: Mileway EUR Lux Bidco S.à r.l.
• Issuer LEI: 213800PN1NF2W1ACOG21
• Issuer Rating: Baa2 (Stable) by Moody’s
• Issue Rating: Baa2 by Moody’s
• Ranking and Form: Senior, Unsecured, Registered form
• Format: Reg S Only, Category 1
• Pricing Date: 08-Jul-26
• Settlement Date: 15-Jul-26 (T+5)
• Title:
• • 4yr: 4-year FXD
  • 7yr: 7-year FXD
• Size:
• • 4yr: €850m
  • 7yr: €650m
• Maturity:
• • 4yr: 15-Jul-30
  • 7yr: 15-Jul-33
• ISIN:
• • 4yr: XS3439307045
  • 7yr: XS3439307128
• Reoffer:
• • 4yr: 99.720 / MS+105bps / 3.952%
  • 7yr: 99.640 / MS+143bps / 4.436%
• Benchmark:
• • 4yr: 120.3bps vs OBL 2.4% Apr-30 @ 98.760 / HR 103%
  • 7yr: 153.0bps vs DBR 2.3% Feb-33 @ 96.400 / HR 102%
• Coupon:
• • 4yr: 3.875% FXD, Annual, Act/Act (ICMA)
  • 7yr: 4.375% FXD, Annual, Act/Act (ICMA)
• TOE:
• • 4yr: 15:40 LDN / 16:40 CET
  • 7yr: 15:39 LDN / 16:39 CET
• MWC:
• • 4yr: Yes (B+20bps)
  • 7yr: Yes (B+25bps)
• Par call:
• • 4yr: 2 month
  • 7yr: 3 month
• Early Redemption: Make-Whole Redemption (in part, applicable), Clean-Up Call at par (80%), Change of Control Put at 101%, Asset Sale Put at 101%, Tax Call at par
• UoP: Proceeds will be used for repayment of existing indebtedness, transaction cost and expenses and/or general corporate purposes
• Denominations: €100k + €1k
• Covenants: Debt incurrence permitted when: Leverage Ratio ≤ 60% Secured Debt Test ≤ 40% Fixed Charge Cover Ratio ≥ 1.5x Unencumbered Assets Test ≥ 125% See the Base Listing Particulars for further information.
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels) No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK
• Selling Restrictions: As set out in Base Listing Particulars dated 03-Jul-26
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Documentation: Under the Issuer’s €10,000,000,000 Euro Medium Term Note Programme, established pursuant to the base listing particulars dated 03-Jul-26 (the “Base Listing Particulars”) https://live.euronext.com/en/product/bonds-detail/37670/documents
• Governing Law / Listing: English Law / Euronext Dublin GEM
• Billing & Delivery: Goldman Sachs International
• Global Coordinators: Goldman Sachs International, JP Morgan, Citi
• Bookrunners: BNP Paribas, BofA Securities, Citi, Crédit Agricole CIB, Goldman Sachs International, ING, JP Morgan, RBC Capital Markets, Standard Chartered Bank, Wells Fargo Securities
• Timing: PRICED – FTT 16:00 LDN / 17:00 CET