Commentary & Deal Flow

+++Updates with Confirmed Ratings; and additional redemption and UOP details+++

IPTs: 6NC2: High 9s/10%

• Issuer: Conceria Pasubio S.p.A.
• Ticker: PSUBIO
• Sponsor: PAI Partners
• Business: Pasubio is a leading global supplier of premium leather and luxury materials, combining a strong heritage in automotive interiors with a growing presence in high-end fashion, underpinned by proprietary know-how and an integrated industrial platform. HQ: Arzignano, Italy
• UoP: Refinance its existing (originally issued as Leather 2 SpA) EUR340m Senior Secured Floating Rate Notes due 30-Sep-28 (callable at 100), repay EUR19m drawn on its RCF, add EUR11m cash to balance sheet and pay transaction fees and expenses
• Currency: €
• Issue: Senior Secured Fixed Rate Notes
• Size: €400 million
• Maturity: 6 years
• Call Protection: NC2 z(MWC B+50bp), 50%, 25%, Par. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103
• Change of Control: Investor put at 101.
• Denomination: €100,000 + €1,000
• Corporate Ratings (M/S): B3 (Sta) / B- (Sta)
• Instrument Ratings (M/S): B3 / B-
• Joint Physical Bookrunners: BofA Securities (B&D), Goldman Sachs International
• Joint Bookrunners: Crédit Agricole CIB, J.P. Morgan
• Listing: Luxembourg Stock Exchange
• Governing Law: New York
• Distribution: Reg S / 144A, no reg rights
• Global Investor Call: Today, 14-Jul-26 at 11:00 UKT / 12:00 CET
• Registration Link: https://evercall.co/oacc/25050
• Netroadshow Access URL: https://dealroadshow.finsight.com/
• Entry Code: PASUBIOGIC2026
• Direct Link: https://dealroadshow.finsight.com/e/PASUBIOGIC2026
• Investor Meetings: Today, 14-Jul-26, and Wednesday, 15-Jul-26
• Target Market / PRIIPS: 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) or disclosure document required by DISC has been prepared as not available to retail in EEA or in the UK
• Timing: Pricing 17-Jul-26