Commentary & Deal Flow

• Price Progression:
  • Priced: 5.125% at 100. +201bp vs DBR 1.7% 15-August-2032
  • Final price talk: 5.125-5.25%
  • Price talk: 5.25-5.5%
  • IPT: 5.5-5.75%
• Spread to Benchmark: +201bps
• Benchmark: DBR 1.7% 15-August-2032
• Issuer: Boels Topholding B.V.
• Ticker: BOELST
• Size: EUR400m
• Format: Reg S / 144A
• Corporate Ratings (M/S/F): B1 (Stable) / BB (Stable) / BB- (Fitch)
• Issue Ratings (M/S): B1 / BB
• Security: 5.125% Senior Secured Notes due 15-September-2032 (6y)
• Optional Redemption: NC2 (15-September-2028) (MWC B+50bp)
  • 15-September-2028: 102.5625
  • 15-September-2029: 101.28125
  • 15-September-2030: 100
• Equity claw: 2y 40% at 105.125
• Special call: 10% per year the 1st 2 years at 103
• Change of Control: CoC at 101
• Payment dates: 15 May & 15 November, starting 15-November-2026.
• Day Count: 30/360
• Listing: TISE
• Law: New York law
• Denominations: 100kx1k
• Reg S ISIN: XS3478193363
• 144A ISIN: XS3478193108
• Left Lead Bookrunner: BNP Paribas (B&D)
• Global Coordinator and Joint Bookrunner: BNP Paribas, JPM
• Co-Manager: ABN, ING, Rabo
• Settles: 15-September-2026
• Trade Date: 2-September-2026
• UOP: along with EUR11m cash on hand, to refinancing its existing EUR400m 6.25% sr sec notes 15-Feb-29 (callable 15-Sep-28 at 101.563), pay transaction fees and expenses
• Ownership: Privately owned by Pierre Boels
• Biz: #2 Equipment Rental Player In Europe
• HQ: Sittard, Netherlands
  Marketing:
• Investor Call: 11:30am UKT / 12:30pm CET 1-September-2026
• Fixed income investor meetings: 1-on-1s 1-2-September-2026
• FTT: 07:30 UKT, 3-September
• ToE: 17:53 UKT, 2-September

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