Commentary & Deal Flow

Launched: 5yr: £280m @ G+130bp - Books over £485m (no JLM)
Spread set at: 5yr: G+130bp

• Issuer: Equinix xScale Secured Funding 2026-1 DAC (Ticker: EQIXXS)
• Exp. Ratings: A(sf)/A3(sf) (S&P/Moody's)
• Format: Senior, secured, Reg S Registered
• Settlement: 04-Aug-26
• Anticipated Repayment Date (ARD): 30-Sep-31 (5 years)
• Final Note Maturity: 30-Sep-46
• Size: £280m
• Benchmark: UKT 0.25 31-Jul-31
• Coupon: Fixed, Quarterly, ACT/ACT (ICMA) – to be priced to exact coupon and issued at par
• Post ARD Additional Interest: 5.00% p.a. step up if notes are not repaid by First ARD and is subordinated to the coupon and principal repayment. Full terms as set out in prospectus
• Principal Repayment: None prior to ARD, 100% sweep post ARD
• Cash Trap Conditions: LTV is greater than 75%; and /or DY is less than 7.75%
• Docs: Prospectus / GEM Listing / English Law
• Denoms: £100k+£1k
• UoP: To repay the existing intercompany indebtedness, make a distribution to equity holders, fund transaction-related expenses and for general corporate purposes
• Optional Redemption: MWC (@ Relevant Gilt + 15% of bond spread), 3m Par-Call
• Covenants: As per Prospectus
• Sole Arranger: Goldman Sachs International
• Sole Bookrunner: Goldman Sachs International
• B&D: Goldman Sachs International
• ISIN: XS3444057197
• Marketing: Management presentation recording and deal documents are made available on Deal Roadshow: https://dealroadshow.finsight.com/ and enter the entry code: EQUINIX26 (case-sensitive)
• Target Market: 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
• Stabilisation: FCA / ICMA
• Timing: Books open, today’s business. Books to close at 11.55 UK. Allocations and pricing to follow early pm.