Commentary & Deal Flow

Reoffer: Long 5yr: G+130bp / 100 / 5.788%
Benchmark: Long 5yr: UKT 0.25 31-Jul-31 @ 81.198 / HR 111%

Final books over £510m (no JLM)

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) (Stable/Stable 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
• Reoffer: 100.00 / Mid Gilts +130bps / 5.788% (S/A) / 5.872% (Ann)
• Benchmark: UKT 0.25 31-Jul-31 @ 81.198 (mid) / 81.178 (bid) / HR 111%
• Coupon: 5.7492% Fixed, Quarterly, ACT/ACT (ICMA)
• 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 (@ UKT+20bps), 3m Par-Call
• Covenants: As per Prospectus
• Sole Arranger: Goldman Sachs International
• Sole Bookrunner: Goldman Sachs International
• B&D: Goldman Sachs International
• ISIN: XS3444057197
• 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: PRICED – TOE 13:32 LDN / 14:32 CET FTT 14:00 LDN / 15:00 CET