Commentary & Deal Flow

Guidance: 4yr: MS+45/50bp - Books > €1.95bn | 8yr: MS+65/70bp - Books > €1.95bn

IPTs: 4yr: MS+75/80bp | 8yr: MS+95/100bp

• Issuer: Thales
• Ticker: HOFP
• Country: FR
• Issuer LEI: 529900FNDVTQJOVVPZ19
• Issuer Ratings: A2 (stable) / A- (stable) by Moody’s/S&P
• Expected Issue Rating: A- by S&P
• Format: Senior, Unsecured, Bearer dematerialized, Reg S (Category 2)
• Settlement: 27-Aug-26 (T+5)
• Maturity:
  • 4yr: 27-Aug-30
  • 8yr: 27-Aug-34
• Size:
  • 4yr: €500m exp.
  • 8yr: €500m exp.
• Guidance:
  • 4yr: MS+45/50bp
  • 8yr: MS+65/70bp
• Par Call:
  • 4yr: 2-month
  • 8yr: 3-month
• ISIN:
  • 4yr: FR001401AM07
  • 8yr: FR001401AM15
• Coupon: Fixed, Annual, Act/Act ICMA
• Docs: EMTN / Euronext Paris / French law
• Early Redemption: MWC / Clean-up call @80% / Acquisition Event Call @100.5%
• Acquisition Event Call: Applicable – If, from Settlement Date to the Acquisition Completion Date, the Issuer (i) has not completed and closed the acquisition of Exail Technologies or (ii) has publicly announced that it no longer intends to pursue the acquisition of Exail Technologies, it may redeem the Notes in whole only at 100.50 per cent. of their principal amount plus any interest accrued up to (but excluding) the date set for redemption
• Acquisition Completion Date: 31-Dec-27
• Denoms: €100k + 100k
• UoP: GCP including the financing of Exail Technologies
• Global Coordinator: Crédit Agricole CIB (B&D)
• Active Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, Natixis, Santander, Société Générale
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) and no UK CCI disclosure document have been prepared as not available to retail in EEA or in the UK.
• Timing: Books open, today’s business
• Books Subject: 12:45 UKT
• Advertisement: The Base Prospectus dated 26-May-26 and the First Supplement dated 27-Jul-26 are available at www.amf-france.org and www.thalesgroup.com and the Final Terms when published will be available at www.amf-france.org and www.thalesgroup.com