Commentary & Deal Flow

Reoffer: Long 5NC2: 6.875% / 100
Benchmark: Long 5NC2: DBR 0 15-Feb-32 / B+378bp
Price Talk: Long 5NC2: 6.875-7%
IPTs: Long 5NC2: 7-7.25%

• Issuer: Clariane SE
• Ticker: CLARFP
• Business: Europe's leading care service provider with activities in non-acute care, healthy aging and dependency prevention. HQ: Paris, France
• UOP: Together with cash on balance sheet, to refinance €350m term loan and €150m real estate term loan, and pay fees and expenses
• Corporate Ratings (M/S): B2 (Stable) / B+ (Stable)
• Issue Ratings (M/S): B2 / B+
• Instrument: Senior Unsecured Notes
• Currency: EUR
• Offering Size: €500,000,000
• Maturity: 15-Mar-32
• Coupon: 6.875%
• Issue Price: 100
• YTM: 6.875%
• Spread to Benchmark: 378 bps
• Benchmark: DBR 0 15-Feb-32
• Make-Whole: +50bps
• Call Protection: NC2 (50%, 25%, Par)
• Optional Redemption:
  • Commencing 15-Sep-28 – 103.43750%
  • Commencing 15-Sep-29 – 101.71875%
  • Commencing 15-Sep-30 – 100%
• Equity Claw: Up to 40% @ 106.875%
• Special Call: 10% per year the first 2 years at 103
• Interest Payment Dates: Semi Annual, 15 March / 15 September
• First Interest Payment Date: 15-Mar-27
• Day Count: 30/360
• Change of Control: Put @ 101
• Distribution: Reg S
• Denominations: €100k x €1k
• Listing: Euronext Dublin
• Governing Law: New York Law
• ISIN: XS3491326727
• Trade Date: 08-Sep-26
• Settlement: 21-Sep-26 (T+9)
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas (B&D), CACIB, SG
• Joint Global Coordinators and Joint Bookrunners: CIC, Natixis
• Joint Bookrunners: GS, JPM, KBC, LBP, MS, UCI
• Ownership: HLD Europe 27%, Predica 26%, Leima Valeurs 9%, Free float 28%.
• TOE: 14:37 UKT, 08-Sep-26
• FTT: 16:15 UKT, 08-Sep-26
• Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 or the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The Offering Memorandum, when published, will be available on the website of the Euronext website https://live.euronext.com
• 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
• Timing:
  • Tomorrow's business
  • GIC 07-Sep-26 @ 11:00 UKT / 12:00 CET
  • 1-on-1's 07-Sep-26 - 08-Sep-26
  • Books close today, 08-Sep-26 at 13:30 UKT / 14:30 CET
• Roadshow:
  • Link: https://dealroadshow.finsight.com
  • Access Code: CAPUCINE26
  • GIC Registration Link: https://evercall.co/oacc/19359