Commentary & Deal Flow

• Price Progression:
  • Price talk: E+375-400 at 100
  • IPT: E+400-425
• Issuer: Guala Closures S.p.A.
• Ticker: GCLIM
• Size: EUR1bn (up from Min. 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, (ii) to redeem the Existing Floating Rate Notes due 2029 in full, and (iii) 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
• Books close: today, 1:30pm UKT / 2:30pm CET

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$