Commentary & Deal Flow

Isotope FinCo Sàrl (EUR co-issuer) / Isotope FinCo 2 LLC (US$ co-issuer) (Intertek) (ITRKLN) EUR/US$ (£865m equivalent) 144A/Reg S sr sec notes 2-part.  B1/BB-/BB- (stable/stable/positive). Via Barc/CA/DB (B&D EUR)/MS (B&D US$) jt glocos/BofA/BNP/HSBC/Jeff/Miz/MUFG/NatWest/BBVA/Bank of China/Citi/ING/SMBC/SMBC Nikko/StanChart jt books. No reg rights. NY Law.

    - EUR (£345m equivalent) sr sec notes due 2033 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPO call: the first 3 years for all or a portion at 102. Asset sale call for the first 3 years at 102. List ISE. CoC at 101. Denoms: 100kx1k. IPT: 6% area.

    - US$ (£520m equivalent) sr sec notes due 2033 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPO call: the first 3 years for all or a portion at 102. Asset sale call for the first 3 years at 102. List ISE. CoC at 101. Denoms: 200kx1k. IPT: low 7s.

Investor call at 3pm UKT / 10am NYT 09/23. Small group meetings 09/23-09/24. Commitments due 09/25. Pricing 09/25. UOP: along with GBP3.565bn equivalent (EUR, USD and AUD) term loan B and GBP6.4bn equity contribution, to finance the acquisition of the entire share capital of Intertek by EQT (76%), ADIA (16%), Mubadala (8%) for GBP9.3bn in cash (GBP10.7bn enterprise value), refinance GBP1.176bn existing Intertek debt, and fund cash on balance sheet. Equity Sponsors: EQT, ADIA, Mubadala. Biz: One of the leading Assurance, Testing, Inspection, and Certification providers, delivering mission-critical, non-discretionary services to its customers, helping them to ensure product safety, quality and compliance with regulatory and industry standards. HQ: London, UK. (Acquisition announced 18-June-2026).

Pre-Registration Link: https://www.netroadshow.com/events/login/1PeTHmohEjbxOZ6BzFNg7jntmMexRbP3nSQ10