Commentary & Deal Flow

Tranche 1 (3yr): Final books > €1.9bn
Tranche 2 (7yr): Final books > €2.9bn

Launched:
3yr: €500m @ MS+42bp - Books > €1.7bn (pre rec)
7yr: €500m @ MS+78bp - Books > €2.6bn (pre rec)
IPTs: 3yr: MS+70/75bp 7yr: MS+110a

• Issuer: Henkel US Finance (Delaware, United States)
• Issuer LEI: 529900BAJAMQND12XH49
• Guarantor: Henkel AG & Co KGaA, (Düsseldorf, Germany)
• Guarantor LEI: 549300VZCL1HTH4O4Y49
• Guarantor Rating: Moody's: A2 (Stable outlook), S&P: A (Stable outlook)
• Expected Issue Rating: A2 by Moody's
• Status / Form of the Notes: Senior, Unsecured, Reg S Bearer Notes, Permanent Classical Global Note, intended to be ECB eligible
• Trade Date: 16-Sep-26
• Settlement Date: 23-Sep-26 (T+5)
• Tenor:
  • 3yr: 3-Years
  • 7yr: 7-Years
• Maturity Date:
  • 3yr: 23-Sep-29
  • 7yr: 23-Sep-33
• Currency / Size:
  • 3yr: €500m
  • 7yr: €500m
• Par Call:
  • 3yr: 1m
  • 7yr: 3m
• ISIN:
  • 3yr: DE000A4E0VR6
  • 7yr: DE000A4E0VS4
• Day Count: Actual/Actual (ICMA)
• Early Redemption: MWC, Clean-Up-Call (80%), Tax Call
• Documentation: Reg S, Stand-alone documentation, preliminary prospectus to be dated 16-Sep-26, final prospectus to be dated 21-Sep-26
• Use of Proceeds: The net proceeds from the issuance of the Notes will be used for financing the business (including acquisitions) of the Henkel Group
• Joint Bookrunners: BNP Paribas, Commerzbank, Deutsche Bank, Société Générale (B&D)
• Selling Restrictions: Reg S (Cat 2). United States, EEA, United Kingdom, Switzerland, Republic of Singapore and Canada as more fully set out in the Prospectus relating to the Notes. No sales to retail accounts
• Target Market: The manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels for eligible counterparties and professional clients). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared
• Advertisement: (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com)
• Schedule: Books open, Today's business
• Books Subject: 12.35 UKT / 13.35 CET
• Final Books:
  • 3yr: > €1.9bn
  • 7yr: > €2.9bn
• HR: 3yr 108% / 7yr 101%
• Hedge Deadline: By 15:35 UKT
• B&D: SG
• Timing: Pricing to follow