Commentary & Deal Flow

+++Updates UOP+++

• Price Progression:
  • Priced: 3mE+3% at 100
  • Final terms: E+300bps / Par
  • Final price talk: E+300-312.5bps (WPIR) / Par
  • Price talk: E+325bps area (+/-12.5bps) / 0% floor / Par
  • IPT: E+325-350bps / 0% floor / Par
• Issuer: Assemblin Caverion Group AB (publ)
• Ticker: ASSEMB
• Size: EUR1.53bn (up from min. EUR1bn, and from EUR750m)
• Format: Reg S / 144A
• No Reg Rights: 144A/Reg S for life
• Security: Senior Secured Floating Rate Notes
• Issue Ratings: B1 / B+ (stable/stable)
• Maturity: 05-October-2033 (7y)
• Optional Redemption: NC1 (28-September-2027) (MWC B+50bps)
  • 28-September-2027: 100
• Payment dates: 05-January / 05-April / 05-July / 05-October, starting 05-January-2027.
• Denominations: 100kx1k
• Reg S Common Code: 348994182
• Reg S ISIN: XS3489941826
• 144A ISIN: XS3489941743
• 144A Common Code: 348994174
• Listing: Official List of The International Stock Exchange
• Law: New York Law
• Joint Global Coordinators and Physical Bookrunners: Danske Bank, Goldman Sachs Bank Europe SE, JPM (B&D)
• Settles: 28-September-2026
• Trade Date: 16-September-2026
• UOP: along with EUR6m cash on hand, to fund a EUR750m Shareholder distribution. Proceeds of the upsize to be used to fully refinance (from partially refinance) existing EUR780m E+350bp Senior Secured Floating Rate Notes due 01-July-2031 (callable at 100) and transaction related fees and expenses
• Equity sponsor: Triton
• Biz: The largest multi-technical services provider in Northern Europe, with #1 positions in Sweden, Finland, and Norway and top 5 positions in Denmark, Germany, and Austria
• HQ: Stockholm, Sweden
  Marketing:
• Investor Call: Monday 14th September 2026 @ 11:00 UKT
• Fixed income investor meetings: Monday 14th, Tuesday 15th, Wednesday 16th September 2026
• Books closed: 13:00 UKT 16-September-2026
• Reconfirmations were due: 14:30 UKT Today
• FTT: 17th September 2026 @ 7:30 UKT
• ToE: 16:37

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