Commentary & Deal Flow

Priced: 3mE+650 at 99.50

Revised price talk: 5.5yr: 3mE+650 @ 99-99.50

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 EUR100m in exchange)
• Format: Reg S
• Security: Senior Secured Floating Rate Notes due 2032
• Issue Ratings: B- (stable)
• Maturity: 15-January-2032 (5.5y)
• Optional Redemption: NC2 (15-August-2028) (MWC B+50bp)
  • 15-August-2028 and thereafter at 100
• Change of Control: CoC at 101
• Payment dates: 30-June and 31-December, commencing 31-December-2026
• Denominations: 100kx1k
• Reg S ISIN: XS3437716494
• Listing: The International Stock Exchange (Guernsey)
• Law: New York
• Joint Global Coordinators and Joint Physical Bookrunners: Deutsche Bank (B&D), UniCredit
• Settles: 24-August-2026 (T+8)
• Trade Date: 12-August-2026
• 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
• Books closed: 4:30pm UKT 12-August-2026
• FTT: 13-August-2026 8:00am UKT / 9:00am CET
• ToE: 12-August-2026 8:18pm UKT / 9:18pm CET

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