Commentary & Deal Flow

Final Price Talk: 6NC2: 5.125-5.25%

Price Talk: 6NC2: 5.25-5.50%
IPTs: 6NC2: 5.50-5.75%

• Issuer: Boels Topholding B.V.
• Ticker: BOELST
• Business: #2 Equipment Rental Player In Europe. HQ: Sittard, Netherlands
• UoP: along with €11m cash on hand, to refinancing its existing €400m 6.25% sr sec notes 15-Feb-29 (callable 15-Sep-28 at 101.563), pay transaction fees and expenses
• Corporate Ratings (M/S/F): B1 (Stable) / BB (Stable) / BB- (Fitch)
• Issue Ratings (M/S): B1 / BB
• Format: Reg S / 144A
• Size: €400m
• Ranking: Senior Secured Notes
• Left Lead Bookrunner: BNP Paribas (B&D)
• Global Coordinator and Joint Bookrunner: BNP Paribas, JPM
• Co-Manager: ABN, ING, Rabo
• Call Protection: NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103
• Change of Control: Put @ 101
• ISIN: Reg S: XS3478193363 / 144A: XS3478193108
• Day Count: 30/360
• Denominations: €100k x €1k
• Listing: TISE
• Governing Law: New York law
• Settlement: 15-Sep-26
• Marketing: GIC at 11:30am UKT / 12:30pm CET 1-Sep-26. 1-on-1s 1-2-Sep-26
• Timing: Reconfirm today by 16:20 UKT / 17:20 CET
• Target Market: No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Netroadshow GIC Registration Link: https://www.netroadshow.com/events/login/1PeTHmohY8l2BvE8s5dmSCST3B9ovtaMRAQRY
• Ownership: Privately owned by Pierre Boels
• Final Price Talk: 5.125-5.25% (WPIR)