Commentary & Deal Flow

Reoffer: Long 5yr: MS+140bp / 96.828 / 4.919%
Benchmark: Long 5yr: DBR 0 15-Feb-32 @ 83.77 / B+158bp

Long 5yr: Final Books > €150m (incl. €52m JLM interest). Peak book > €150m (incl. €52m JLM interest)

Launched: Long 5yr: €100m @ MS+140bp - Books > €120m (incl. €52m JLM interest)
Guidance: Long 5yr: MS+140/145

• Issuer: HLD Europe SCA
• Ticker: HLDERP
• Country: LU
• Issuer LEI: 222100KJO80ONXIK8X08
• Issuer Ratings: BBB+ (stable outlook) by S&P
• Note Ratings: BBB+ by S&P
• Format: Senior Unsecured Reg S (Cat 1), Bearer, Temporary Global Bond exchangeable into a Permanent Global Bond not earlier than 40 days after the Issue Date
• Settlement: 30-Sep-26 (T+5)
• Maturity: 24-Mar-32
• Issue Size: €100m
• Bond Size post Tap: €400m
• Reoffer: MS+140bps / 96.828 / 4.919%
• Documentation: Standalone / Luxembourg Law / Euro MTF / €100k+€1k / Change of control (put at par) / MWC (B+30) / Clean-up call (75%) / 3m Par-Call / Negative Pledge
• Reference Benchmark: DBR 0 15-Feb-32 (@83.77 / 3.339%) +158bps
• Original ISIN: XS3325290214
• Temporary Tap ISIN: XS3516309229 (40-day fungibility)
• Coupon: 4.250% Fixed, Annual, ACT/ACT (ICMA), a full first coupon will be paid on 24-Mar-27
• Use of Proceeds: General Corporate Purposes
• Active Bookrunners: Crédit Agricole CIB, Société Générale (B&D)
• Marketing: URL: https://dealroadshow.finsight.com with Entry Code: HIGHLANDS2 Direct Link: https://dealroadshow.finsight.com/e/HIGHLANDS2
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Clearing: Euroclear and Clearstream, Luxembourg
• Advertisement: The final Prospectus, when published, will be available free of charge on the website of the Luxembourg Stock Exchange (https://www.luxse.com/)
• Timing: Priced. TOE: 13:51 UKT | FTT: 15:15 UKT