Commentary & Deal Flow

• Price Progression:
  • IPT: E+400-425
• Issuer: Guala Closures S.p.A.
• Ticker: GCLIM
• Size: Min. EUR500m (from EUR500m)
• Format: Reg S / 144A
• Security: Senior Secured Floating Rate Notes
• Issue Ratings: B2 / B / B
• Optional Redemption: NC1, par (MWC B+50bp)
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Reg S ISIN: XS3510185344
• 144A ISIN: XS3510255576
• Listing: Luxembourg Stock Exchange
• Law: New York
• Joint Global Co-ordinators and Physical Bookrunners: Deutsche Bank (B&D), JP Morgan
• Joint Bookrunners: UniCredit, Goldman Sachs, Mediobanca, UBS, IMI-Intesa Sanpaolo, Santander
• UOP: Proceeds will be used, together with cash on hand, directly or indirectly, (i) to redeem the Existing EUR500m 3.25% Fixed Rate Notes due 15-June-2028 (callable at 100) and pay any accrued and unpaid interest thereon and (ii) to pay fees and expenses in connection with the Transactions
• Biz: A world leading producer in the high value-added closures market.
• HQ: Alessandria, Italy
  Marketing:
• Investor Call: Monday, 21st September at 11:00am UKT / 12:00pm CET
• Fixed income investor meetings: Monday, 21st to Tuesday, 22nd September

NetRoadshow / GIC Registration: https://www.netroadshow.com/events/login/1PeTHmohJbG9c9UsYBEvDwIRSW8CRRNZ8z6uG
RSP link: www.netroadshow.com/nrs/home/#!/?show=6baa2610
OR Visit www.netroadshow.com and enter the entry code: Guala2026 (not case-sensitive)

Moody's link: https://www.moodys.com/research/Moodys-Ratings-affirms-Gualas-B2-CFR-assigns-B2-rating-to-Rating-Action--PR_529423
S&P link: https://urldefense.com/v3/__https:/www.capitaliq.spglobal.com/web/client?auth=inherit*ratingsdirect*creditResearch*artObjectId=101706626&utm_source=MIAlerts&utm_medium=realtime-creditresearch&utm_campaign=Alert_Email__;Iy8_!!KE2hBTbTeqtRsZdp!S82SXoonvif9TTrK8-OulQbfXh3z3V7yQT8rkTbF_jO53aBlxLVnInzZUD_gSSwB96LDNlGXRD9-2Rc_Rg7uFbuIAfpo9zMs$
Fitch link: https://urldefense.com/v3/__https:/pro.fitchratings.com/entity/GRP_97953288/article/PR_10359716__;!!KE2hBTbTeqtRsZdp!X7jvqHJUJFMbTrXetw_uZmUu5lx8BtCRbp0yjTEEmi9xSjPTnJbwmRAoAUeEBS5QRfKLwVmfniD8uzPDbxo5xD_X3bWilFVb6wY$