Commentary & Deal Flow

Reoffer: 6yr: MS+75bp / 99.922 / 4.265%
Benchmark: 6yr: DBR 1.700% due 15-Aug-32 (91.280 bid) + 91.4bp | HR 104%

6yr: Final Books closed above €1bn

Launched: 6yr: €300m @ MS+75bp - Books ~€1bn (pre-rec)
IPTs: 6yr: MS+100/105bp

• Issuer: Gas Networks Ireland (Ticker: BOGAEI, Country: IE)
• Issuer LEI: 54930043FTE0M50CGG56
• Issuer Ratings: A1 (stable) / A+ (positive) (Moody's / S&P)
• Expected Issue Ratings: A1 / A+ (Moody's / S&P)
• Format: Senior Unsecured, Reg S, Registered, NSS
• Size: €300m
• Settlement: 23-Sep-26 (T+5)
• Maturity: 23-Sep-32 (6-year)
• Re-offer: MS+75bps | 99.922 | 4.265%
• Benchmark Bund: DBR 1.700% due 15-Aug-32 (91.280 bid) + 91.4bps | HR 104%
• Coupon: 4.25% Fixed, Annual, ACT/ACT (ICMA)
• Documentation: EMTN Programme Offering Circular, Euronext Dublin (Global Exchange Market), English Law
• Denominations: €100k + €1k
• Investor Put: Change of Control Put and Regulatory Event Put applicable
• Issuer Call: Make Whole Call (B+15), 3-month Par Call, Clean-up call (80%) at par, as per Offering Circular
• Use of Proceeds: General Corporate Purposes, including refinancing of existing debt
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs Regulation key information document or DISC/CCI Regulations disclosure document has been prepared as the Notes are not available to retail investors in the EEA or the UK
• ISIN: XS3512893929
• Clearing: Euroclear / Clearstream, Luxembourg
• Active Bookrunners: Barclays (B&D), BNP Paribas, Danske Bank, NatWest, Goodbody, Davy
• Selling Restrictions: As set out in the Offering Circular, Reg S, TEFRA not applicable, no sales to EEA or UK Retail
• Marketing: https://dealroadshow.finsight.com / Entry code GNI26
• Timing: ToE 14h13 UKT | FTT 14h35 UKT
• Advertisement: The EMTN Programme Offering Circular, and the Final Terms, when published, will be available on the Euronext Dublin website https://live.euronext.com/en/product/bonds-detail/s102167%7C22235%7Cp900/overview