Commentary & Deal Flow

Reoffer: 6yr: MS+95bp / 99.629 / 4.071% 10yr: MS+125bp / 99.968 / 4.504%
Benchmark: 6yr: DBR 1.7 Aug-32 @ 93.13 / B+109.7bp / HR 101% 10yr: DBR 3 Aug-36 @ 98.11 / B+128bp / HR 95%

Tranche 1 (6yr): Final Books >€1.75bn. Peak book >€2.0bn
Tranche 2 (10yr): Final Books >€1.6bn. Peak book >€2.1bn

Launched:
6yr: €600m @ MS+95bp - Books > €2.0bn
10yr: €500m @ MS+125bp - Books > €2.1bn
IPTs: 6yr: MS+125a 10yr: MS+160a

• Issuer: Sodexo SA
• Ticker: SWFP
• Country: FR
• LEI: 969500LCBOG12HXPYM84
• Issuer Ratings: Baa1 neg / BBB stb / BBB+ neg (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1 / BBB (Moody's/S&P)
• Rating Split: Issuer: Baa1 neg / BBB stb / BBB+ neg (Moody's/S&P/Fitch), Issue: Baa1 / BBB (Moody's/S&P)
• Form of notes: New Global Notes, Reg S (Cat 2), TEFRA D
• Pricing Date: 26-Aug-26
• Settlement Date: 2-Sep-26 (T+5)
• Maturity Date:
  • 6yr: 2-Sep-32
  • 10yr: 2-Sep-36
• Size:
  • 6yr: €600m
  • 10yr: €500m
• Reoffer:
  • 6yr: MS+95bps / 4.071% / 99.629
  • 10yr: MS+125bps / 4.504% / 99.968
• Benchmark:
  • 6yr: DBR 1.7 Aug-32 (93.13) + 109.7bp | HR 101%
  • 10yr: DBR 3 Aug-36 (98.11) + 128bp | HR 95%
• Par Call:
  • 6yr: 3-month
  • 10yr: 3-month
• ISIN:
  • 6yr: XS3450004703
  • 10yr: XS3450005692
• Coupon:
  • 6yr: 4% Fixed, Annual, Act/Act ICMA
  • 10yr: 4.5% Fixed, Annual, Act/Act ICMA
• Docs: Standalone / Euronext Paris / English law / MWC (B+20 on both tranches) / Squeeze-out Call Option (75%) / Change of Control Put (at par) / Euro 100,000 + 1,000
• UoP: Group's general corporate purposes, including the upcoming redemption of the Group's outstanding EUR800,000,000 0.750 per cent. Bonds due April 2027 (XS1505132602).
• Joint GloCos: BNP Paribas (B&D) and ING
• Joint Lead Managers: BNP Paribas (B&D), CIC CIB, Goldman Sachs Bank Europe SE, ING, Natixis, Société Générale
• Target Market: Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or in the UK.
• Timing: TOE: 15.56 LDN (6yr) - 15.57 LDN (10yr) / FTT : 16.30 LDN
• Advertisement: The final prospectus, when published, will be available on the website of the AMF (http://www.amf-france.org) and the Issuer (https://www.sodexo.com)