Commentary & Deal Flow

Reoffer: 5NC2: 5.375% / 100 7NC3: 5.875% / 100
Benchmark: 5NC2: DBR 0% 15-Aug-31 / B+221bp 7NC3: DBR 2.6% 15-Aug-33 / B+259bp

Final Terms: 5NC2: €475m @ 5.375% 7NC3: €325m @ 5.875%
Yield set at: 5NC2: 5.375% 7NC3: 5.875%
Price Talk: 5NC2: 5.375%a (+/- 12.5bp) 7NC3: +50bp
IPTs: 5NC2: Mid 5%s 7NC3: +50bp

• Issuer: Derichebourg S.A.
• UoP: Repay the bridge facility in the context of the acquisition of Scholz's shares, refinance certain Derichebourg indebtedness, GCP and pay transaction related costs and expenses
• Corporate Ratings (S/F): BB (Stable) / BB (Stable)
• Issue Ratings (S/F): BB / BB
• Instrument: Green Senior Unsecured Notes
• Currency: €
• Tranche Size:
  • 5NC2: €475,000,000
  • 7NC3: €325,000,000
• Maturity:
  • 5NC2: 15-Sep-31
  • 7NC3: 15-Sep-33
• Coupon:
  • 5NC2: 5.375%
  • 7NC3: 5.875%
• Issue Price:
  • 5NC2: 100
  • 7NC3: 100
• YTM:
  • 5NC2: 5.375%
  • 7NC3: 5.875%
• Spread to Benchmark:
  • 5NC2: 221bps
  • 7NC3: 259bps
• Benchmark:
  • 5NC2: DBR 0% 15-Aug-31
  • 7NC3: DBR 2.6% 15-Aug-33
• Make-Whole:
  • 5NC2: +50bps
  • 7NC3: +50bps
• Optional Redemption:
  • 5NC2: Commencing 15-Sep-28 – 102.6875% / Commencing 15-Sep-29 – 101.34375% / Commencing 15-Sep-30 – 100%
  • 7NC3: Commencing 15-Sep-29 – 102.9375% / Commencing 15-Sep-30 – 101.46875% / Commencing 15-Sep-31 – 100%
• Equity Claw:
  • 5NC2: Up to 40% @ 105.375
  • 7NC3: Up to 40% @ 105.875
• Interest Payment Dates: Semi Annual / 15-Mar / 15-Sep
• First Interest Payment Date: 15-Mar-27
• Day Count: 30/360
• Change of Control: Put @ 101
• Distribution: Reg S
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York law
• ISIN:
  • 5NC2: ISIN: XS3450028124 / Common Code: 345002812
  • 7NC3: ISIN: XS3450027233 / Common Code: 345002723
• Trade Date: 10-Sep-26
• Settlement: 16-Sep-26 (T+4)
• Left Lead & Sole Bookrunner: BNP Paribas (B&D)
• Joint Managers: CACIB, CIC, Natixis, SG
• TOE: 13:24 UKT, 10-Sep-26
• FTT: 14:30 UKT, 10-Sep-26
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.