Commentary & Deal Flow

Price talk: 5.5yr: 6mE+650/675bp @ 99.00 OID

IPTs: 5.5yr: 6mE+650/675bp @ 99.00 OID

• Issuer: HSE Investment S.à r.l
• Ticker: HSEINV
• Size: EUR400m (EUR300m new money and up to EUR100m in exchange)
• Format: Reg S
• Security: Senior Secured Floating Rate Notes due 2032
• Maturity: January-2032 (5.5y)
• Optional Redemption: NC2 (MWC B+50bp), callable at 100 thereafter
• Change of Control: investor put at 101
• Floor: 0%
• Listing: The International Stock Exchange (Guernsey)
• Law: New York
• Denominations: 100kx1k
• Joint Global Coordinators and Joint Physical Bookrunners: Deutsche Bank (B&D), UniCredit
• Interest payments: June 30 and Dec 31, starting 31-Dec-2026
• Reg S ISIN: XS3437716494
• UOP: Along with EU29m cash on hand, to refinance its existing HSE Investment Sarl EUR311m senior secured FRN due 15-Oct-2029 (floats 3mE+600bp), and up to EUR100m will be offered to existing PIK note holders as Exchange , and for transaction costs. Existing PIK note terms: HSE Finance Sarl EUR192m original amount (EUR211.665m current size) sr sec PIK FRN due 15-Apr-2030 (floats E+785bp), ISIN: XS3084270480. The maturity of the remaining PIK notes will automatically be extended to April 2032. There is a concurrent consent solicitation with respect to the PIK notes to remove the restrictive covenants, reporting requirements, certain events of default, and to permit entering into the PIK ICA Amendment Agreement, all of which require consents of at least a majority in aggregate amount outstanding. There is also a consent solicitation with respect to the Contingent Value Rights (CVR) holders to de-staple the CVRs from the PIK notes.
• Biz: Leading European live-commerce platform (TV channels and internet - Home Shopping Europe, HSE24).
• HQ: Ismaning, Germany
• Equity sponsor: Providence Equity Partners
  Marketing:
• Investor Call: 21-July-2026 at 10:30 UKT / 11:30 CET
• Small Group Meetings: 21-July and 22-July-2026
• New money orders/exchange deadline: 4pm UKT 06-Aug
• Pricing 06-Aug late UK afternoon

Registration Link: https://www.netroadshow.com/events/login/1PeTHmoj7tK2igGkdfD9zgTF4bXwdFzqDbKKd
Roadshow Slides Link: www.netroadshow.com/nrs/home/#!/?show=d17eed13 (Entry code: HSE26)