Commentary & Deal Flow

Reoffer: 7yr: MS+80bp / 99.543 / 3.951%
Benchmark: 7yr: DBR 2.6% 15-Aug-33 @ 97.170 / HR 98%
Hedge Deadline: 14:25 UKT / 15:25 CET

Tranche 1 (7yr): Final Books > €3.1bn. Peak book over €3.4bn (pre rec)

Launched: 7yr: €500m @ MS+80bp - Books over €3.4bn (pre rec)
IPTs: 7yr: MS+115a

• Issuer: Alcon Finance Corporation (Ticker: ALCSW, Country: US)
• Issuer LEI: 549300CUZUI9VU7XNK42
• Guarantor: Alcon Inc.
• Guarantor LEI: 549300LDT5AP8S0NBM78
• Guarantor Rating: Baa1 (stable outlook) by Moody's / BBB+ (stable outlook) by S&P
• Expected Issue Ratings: Baa1 by Moody's / BBB+ by S&P
• Format: Senior Unsecured, Reg S, Registered Form, NSS, Global Certificate
• Size: €500m WNG
• Tenor: 7yr
• Settlement: 2-Sep-26 (T+5)
• Maturity: 2-Sep-33
• Reoffer: MS+80bp / 99.543 / 3.951%
• Benchmark: DBR 2.6% 15-Aug-33 @ 97.170 (HR 98%)
• Coupon: 3.875% Fixed (Annual, Act/Act ICMA, Following, unadjusted)
• Documentation: Stand-alone Offering Memorandum / Euro MTF Lux Listing / English Law / CoC / Clean-up Call (80%) / 3m Par Call / Make Whole Call / Tax Call
• Denomination: €100,000 + €1,000
• Selling Restrictions: Regulation S, Category 2; TEFRA not applicable. Restrictions apply, including in the United States, the EEA, the UK, Canada, Hong Kong, Japan, Singapore (institutional and accredited investors only) and Switzerland. As set out in the Issuer’s preliminary Offering Memorandum.
• Use of Proceeds: The net proceeds of the issue of the Notes will be used by the Issuer for its general corporate purposes, which may include the refinancing, in whole or in part, of the existing debts of the Group. The net proceeds of the issue of the Notes will be used outside Switzerland unless use in Switzerland is permitted according to the practice of the Swiss Federal Tax Administration without resulting in a reclassification of the Notes as an issuance subject to Swiss withholding tax.
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No ID under the EU PRIIPs Regulation or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the Notes are not available to retail investors in the EEA or in the UK.
• Joint Bookrunners: BNP Paribas (B&D), Deutsche Bank, Goldman Sachs International, ING, SMBC
• Clearing: Euroclear Bank SA/NV / Clearstream Banking SA
• ISIN / Common Code: XS3455206352 / 345520635
• Marketing: Visit https://dealroadshow.finsight.com and enter passcode ALCON26
• Advertisement: The final stand-alone offering memorandum, when published, will be available at https://www.luxse.com/
• Stabilisation: Relevant stabilisation regulations including ICMA/FCA will apply
• Timing: Priced. TOE: 14:47 UKT / 15:47 CET FTT: 15:15 UKT / 16:15 CET