Commentary & Deal Flow

• Price Progression:
  • Priced: E+375 at 100
  • 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
• Maturity: 05-October-2033 (7y)
• Optional Redemption: NC1 (05-October-2027) (MWC B+50bp)
  • 05-October-2027: 100.00
• Change of Control: CoC at 101
• Payment dates: Quarterly in arrears, 15-January / 15-April / 15-July / 15-October, starting 15-January-2027.
• Denominations: 100kx1k
• Reg S Common Code: 351018534
• Reg S ISIN: XS3510185344
• 144A Common Code: 351025557
• 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 Bank Europe SE, Mediobanca, UBS Investment Bank, IMI-Intesa Sanpaolo, Santander
• Settles: 05-October-2026 (T+8)
• Trade Date: 23-September-2026
• UOP: Proceeds will be used, together with cash on hand, directly or indirectly, to redeem in full the Existing Fixed Rate Notes due 2028 and the Existing Floating Rate Notes due 2029 and 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 closed: today, 1:30pm UKT / 2:30pm CET
• FTT: 23 September 2026 4:30pm UKT / 5:30pm CET
• ToE: 3:17pm UKT

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$