Commentary & Deal Flow

IPTs: 7yr FXD: 7.000%/low 7s 7yr FRN: E+400/425bp

• Issuer: Iceland Bondco plc
• Ticker: ICELTD
• Business: Iceland is a food business with a differentiated proposition anchored in UK retail and underpinned by frozen food expertise. HQ: Deeside, Wales, UK. 
• Total Offering Size: €600m
• Use of Proceeds: Redeem in full existing £255m 10.875% SSNs due 15-Dec-27 (callable 15-Aug-26 at 102.719 and €250m FRNs due 15-Dec-27 (callable at 100), (ii) pay redemption costs, (iii) fund GBP24m  cash on balance sheet
• Security Type:
• • Tranche 1: Senior Secured Fixed Rate Notes
  • Tranche 2: Senior Secured Floating Rate Notes
• Currency: € (both tranches)
• Tranche Size:
• • Tranche 1: €300m
  • Tranche 2: €300m
• Tenor: 7 years (both tranches)
• Call:
• • Tranche 1: NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103
  • Tranche 2: NC1 (MWC B+50bp), then at par
• IPTs:
• • Tranche 1: 7% / low 7s
  • Tranche 2: E+400-425, Par
• Governing Law: New York
• Distribution: Reg S / 144A for life
• Listing: The International Stock Exchange
• Denoms: €100k X €1k
• Change of Control: Investor put at 101
• Joint Global Coordinators and Physical Bookrunners: HSBC (B&D), NatWest
• Joint Bookrunner: Rabobank
• Ownership: Malcolm Walker and family (51.3%) and Tarsem Dhaliwal and family (48.7%)
• Global Investor Call: Monday 27-Jul-26, 11:00 UK / 12:00 CET
• Registration: https://evercall.co/oacc/52676
• DealRoadshow link: https://dealroadshow.finsight.com/e/ICELAND2026
• Timing: In-person roadshow will run Monday 27-Jul-26 and Tuesday 28-Jul-26, pricing thereafter
• 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 / FCA Product Disclosure Sourcebook key information document (KID) / disclosure document, as applicable, has been prepared as not available to retail in EEA or in the UK