Commentary & Deal Flow

• Issuer: Lifting Control Holding S.p.A. (holding company of Fassi Gru S.p.A.)
• Ticker: LCHSPA
• Size: EUR450m
• Format: Reg S / 144A; No Reg Rights
• Security: Senior Secured Notes
• Price Progression:
  • Priced: 3mE+ 375bps at 100
  • Final terms: E+ 375bp / 99.50 - PAR
  • Price talk: E+ 375-400bp / 99.50
  • IPT: E+ 400-425bp / 99.50
• Issue Ratings: B1 / B / BB- (stable/stable/stable)
• Maturity: 30-September-2033 (7y)
• Optional Redemption: NC1 (30-September-2027) (MWC B+50bp)
  • 30-September-2027: 100.000
• Change of Control: CoC at 101
• Payment dates: Quarterly, 15-January / 15-April / 15-July / 15-October, starting 15-January-2027.
• Denominations: 100kx1k
• Reg S Common Code: 349995735
• Reg S ISIN: XS3499957358
• 144A ISIN: XS3499960576
• 144A Common Code: 349996057
• Listing: Luxembourg (Euro MTF)
• Law: New York
• Joint Global Coordinators and Joint Physical Bookrunners: UniCredit (B&D), UBS, IMI Intesa Sanpaolo
• Joint Bookrunners: Banca Akros - BPM, BNPP, CACIB, Mediobanca, Natixis
• Settles: 30-September-2026 (Euroclear / Clearstream)
• Trade Date: 16-September-2026
• Doc changes:
  • Inclusion of J-Crew, Chewy and Serta protections
  • High-watermark removal
  • Non-guarantor debt under ratio debt basket capped at 1.0x EBITDA
  • RP package: remove possibility to distribute cash overfunding
  • Investments: remove “no worse” prong
• UOP: (i) Repay in full and cancel the EUR97m Refinanced Fassi Indebtedness, including accrued and unpaid interest thereon (ii) repay in full of the Existing EUR228m Vendor Loan, including accrued and unpaid interest thereon (iii) fund the EUR43m purchase price for the Bolt-on Acquisitions, (iv) fund a EU75m distribution to the parent (Elevation Investment Opportunities S.à r.l.) and (v) pay fees and expenses in connection with the Transactions
• Equity sponsor: Investindustrial (69%) (the Fassi Family owns 30%)
• Biz: Leader in vertical lifting solutions, specializing in the design, engineering, manufacturing, and distribution of highly engineered and robotised lifting, handling, access, and automation solutions
• HQ: Milan, Italy
  Marketing:
• Investor Call: 14-September-2026 at 11:00 UKT / 12:00 CET
• Fixed income investor meetings: 14-September to 15-September
• Books closed: 16-September-2026 at 16:45 UKT (from 15:00 UKT)
• FTT: 08:00 UKT, 17-September-2026
• ToE: 18:40 UKT, 16-September-2026

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