Commentary & Deal Flow

Reoffer: 3yr: MS+65bp / 99.673 / 4.118% 7yr: MS+118bp / 99.982 / 4.628%
Benchmark: 3yr: DBR 0% 15-Aug-29 @ 91.29% / B+91.8bp 7yr: DBR 2.6% 15-Aug-33 @ 95.48% / B+128.4bp

Tranche 1 (3yr): Final Books €2.2bn+. Peak book above €2.45bn (pre-reconciliation)
Tranche 2 (7yr): Final Books €1.2bn+. Peak book above €1.6bn (pre-reconciliation)

Launched:
3yr: €350m @ MS+65bp - Books €2.2bn+ (pre-rec / at tight end of guidance, now closed)
7yr: €500m @ MS+118bp - Books €1.35bn+ (pre-rec / at tight end of guidance, now closed)
Guidance: 3yr: MS+70a +/-5bp WPIR - Books > €2.45bn (pre-rec) 7yr: MS+120a +/-2bp WPIR - Books > €1.6bn (pre-rec)
IPTs: 3yr: MS+105a 7yr: MS+145/150a

• Issuer: IHG Finance LLC
• Ticker: IHGLN
• Domicile: US
• Country of Risk: United Kingdom
• Issuer LEI: 213800DXTXQ1YC8UP313
• Guarantors: InterContinental Hotels Group PLC (the “Parent”), Six Continents Limited and InterContinental Hotels Limited
• Parent Rating: Baa2 (Stable)/BBB (Stable) (Moody's/S&P)
• Expected Issue Rating: Baa2/BBB (Moody's/S&P)
• Format: Reg S, Registered, Senior, Unsecured, NSS
• Size:
  • 3yr: €350m
  • 7yr: €500m
• Settlement: 28-Sep-26 (T+5)
• Maturity Date:
  • 3yr: 28-Sep-29 (3-year)
  • 7yr: 28-Sep-33 (7-year)
• Reoffer:
  • 3yr: MS+65bp / 99.673 / 4.118%
  • 7yr: MS+118bp / 99.982 / 4.628%
• Benchmark:
  • 3yr: +91.8bp vs DBR 0% due 15-Aug-29 (DE0001102473 @ 91.29% / 3.20%). HR = 108%
  • 7yr: +128.4bp DBR 2.6% due 15-Aug-33 (DE000BU2Z015 @ 95.48% / 3.344%). HR = 99%
• Coupon:
  • 3yr: Fixed, 4% Annual, ACT/ACT (ICMA)
  • 7yr: Fixed, 4.625% Annual, ACT/ACT (ICMA)
• Optional Redemption:
  • 3yr: Change of Control Put, 1m Par Call, MWC @ B+15, Tax Call (at par)
  • 7yr: Change of Control Put, 3m Par Call, MWC @ B+20, Tax Call (at par)
• Documentation: EMTN Programme dated 3-Sep-26, €100k + €1k, English Law
• Selling Restrictions: Reg S (Category 2) and as per the Base Prospectus dated 3-Sep-26
• Listing: London Stock Exchange (Main Market)
• Use of Proceeds: General corporate purposes of the Issuer’s business
• Target Market: 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
• Sales into Canada: Yes via exemption
• ISIN:
  • 3yr: XS3519670304
  • 7yr: XS3519673746
• Active Bookrunners: Barclays (B&D), BNP, Commerzbank, MUFG, UniCredit
• Timing: Books open, Today's business
• Books Subject: 12.45 UKT / 13:45 CET
• Hedge Deadline: 15:25 UKT / 16:25 CET
• TOE / FTT: TOE: 15:33 UKT / 16:33 CET FTT: 15:50 UKT / 16:50 CET
• Advertisement: The Base Prospectus is available at https://data.fca.org.uk/artefacts/NSM/FCA/NI-000151223/NI-000151223.pdf and the Final Terms, when published, will be available on the website of the London Stock Exchange https://www.londonstockexchange.com/stock/IHG/intercontinental-hotels-group-plc/company-page