Commentary & Deal Flow

Reoffer: 7NC3: 6.625% / 100 / B+365 7NC1: E+362.5 / 100
Benchmark: 7NC3: DBR 2.600% 15-Aug-33

Final Terms: 7NC3: €300m @ 6.625% 7NC1: €300m @ E+362.5 at par
Price Talk: 7NC3: 6.75%a 7NC1: E+375-400 at par
IPTs: 7NC3: 7.000%-low 7s 7NC1: E+400/425 at par

• Issuer: Iceland Bondco plc
• Ticker: ICELTD
• Corporate Ratings (M/S/F): B2 (pos.) / B (pos.) / B (pos.)
• Issue Rating (M/S/F): B2 / B / B+
• Security Type:
• • Tranche 1: Senior Secured Fixed Rate Notes
  • Tranche 2: Senior Secured Floating Rate Notes
• Currency: EUR (both tranches)
• Amount:
• • Tranche 1: €300,000,000
  • Tranche 2: €300,000,000
• Trade Date: 29-Jul-26
• Settlement Date: 17-Aug-26 (T+13)
• Maturity: 15-Aug-33
• Coupon:
• • Tranche 1: 6.625%
  • Tranche 2: E+362.5bps
• Offering Price:
• • Tranche 1: 100.000%
  • Tranche 2: 100.000%
• Use of Proceeds: Redeem in full existing £255m SSNs due 2027 and €250m FRNs due 2027, (ii) pay redemption costs, (iii) fund cash on balance sheet and (iv) pay costs, fees and expenses
• Change of Control: Put at 101.000%
• Interest Payment Dates:
• • Tranche 1: 15 May and 15 November, commencing 15-May-27
  • Tranche 2: 15 February, 15 May, 15 August and 15 November, commencing 15-Nov-26
• Optional Redemption:
• • Tranche 1: MWC B+50bp, then on or after 31-Jul-29: 103.31250%; On or after 31-Jul-30: 101.65625%; On or after 31-Jul-31: 100.00000%. Equity claw: 3y 40% at 106.625. Special call: 10% per year the first 3 years at 103
  • Tranche 2: MWC B+50bp, then on or after 31-Jul-27: 100.000%
• Distribution: Reg S / 144A for life
• Delivery: Euroclear / Clearstream
• Listing: The International Stock Exchange
• Governing Law: New York
• Denoms: €100k X €1k
• RegS ISIN / Common Code:
• • Tranche 1: XS3440077645 / 344007764
  • Tranche 2: XS3440076910 / 344007691
• 144A ISIN / Common Code:
• • Tranche 1: XS3440077728 / 344007772
  • Tranche 2: XS3440077561 / 344007756
• 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%)
• Business: Iceland is a food business with a differentiated proposition anchored in UK retail and underpinned by frozen food expertise. HQ: Deeside, Wales, UK.
• Marketing: Roadshow (in-person) 07/27-28 (investor call at 11:00 UK / 12:00 CET 07/27). Books closed at 11am UKT 07/29. Reconfirms were due by 12:30 UKT 07/29
• Time of Execution: 14:06 UK 29-Jul-26
• Free to Trade: 15:00 UK 29-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 / 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