Commentary & Deal Flow

Reoffer: PerpNC5: 6.750% / 100
Benchmark: PerpNC5: DBR 0% Aug-31 / B+340.5bp

PerpNC5: Final books > €695m. Peak book >€1.3bn

Launched: PerpNC5: €250m @ 6.750% - Books >€1.3bn
Book Update: Orderbooks >€850mil pre rec
IPTs: PerpNC5: 7.000-7.250% (annual yield)

• Issuer: Rémy Cointreau SA (Ticker: RCOFP ; Country: FR)
• Issuer LEI: 5493004V6A3Z027YT216
• Issuer Ratings: Baa3 (Negative) by Moody's
• Expected Issue Ratings: Ba2 by Moody's
• Expected Equity Credit: Basket M (50%) by Moody's
• Format: Reg S, Bearer Notes, Cat 1, Dematerialised
• Status: Direct, unconditional, unsecured and deeply subordinated obligations of the Issuer, ranking (i) pari passu among themselves and pari passu with all other present and future Parity Securities of the Issuer, (ii) subordinated to present and future prêts participatifs granted to, and titres participatifs issued by, the Issuer, Ordinary Subordinated Obligations, Unsubordinated Obligations of, or issued by, the Issuer and (iii) in priority to any Junior Securities
• Maturity / Call: Perpetual NC5
• Currency / Size: €250m
• Re-offer: 6.750% (annual yield) / 100
• Reference Benchmark: DBR 0% Aug-31 +340.5bp
• Initial Credit Spread: 315.7bp
• MWC: B+50bp
• Pricing Date: 30-Sep-26
• Settlement Date: 7-Oct-26 (T+5)
• First Call Date: 7-Jul-31 (3 months prior to the First Reset Date)
• First Reset Date: 7-Oct-31 (Year 5)
• Step-up Date: 7-Oct-36 (Year 10)
• Optional Redemption: On any day in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date (3-month par call); and on any Interest Payment Date after the First Reset Date
• Interest: Fixed rate of 6.750% per annum, payable annually in arrear until the First Reset Date; thereafter reset every 5 years to the then applicable 5-year EUR Mid-Swap Rate plus the initial margin and the relevant Coupon step-up
• Coupon step-up: 100bps at the Step-Up Date
• Day Count Fraction: ACT/ACT (ICMA)
• Deferral of Interest: At the Issuer's sole discretion in whole or in part; cumulative and compounding (cash settled)
• Arrears of Interest: Arrears of Interest may at the option of the Issuer be paid in whole or in part at any time on the earliest of:
  1. the 10th Business Day following a Mandatory Payment Event,
  2. the next scheduled Interest Payment Date in respect of which the Issuer does not elect to defer all of the interest accrued in respect of the relevant Interest Period,
  3. the date on which the Notes are redeemed, or
  4. the date upon which a judgment is made for the judicial liquidation of the Issuer (liquidation judiciaire), or in the event of a transfer of the whole of the business of the Issuer (cession totale de l'entreprise) subsequent to the opening of a judicial recovery procedure (redressement judiciaire) or in the event of the voluntary dissolution of the Issuer or if the Issuer is liquidated for any other reason (and in all cases listed above, other than pursuant to a consolidation, amalgamation or merger or other reorganization outside the context of an insolvency whereby the surviving entity assumes all obligations of the Issuer under the Notes)
• Make-whole Redemption: Make-Whole Redemption option in whole (but not in part) at the Make-Whole Redemption Amount at any time other than:
  1. during the period from (and including) the First Call Date until (and including) the First Reset Date;
  2. on any Interest Payment Date on or after the First Reset Date
• Optional Redemption: The Issuer will have the right to redeem all of the Notes (but not some only) at the principal amount (together with accrued interest and Arrears of Interest (including any Additional Interest Amounts thereon)) on:
  1. any day in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date;
  2. and on any Interest Payment Date after the First Reset Date
• Special Redemption Events: At any time upon:
  in each case together with accrued interest to (but excluding) the early redemption, and any outstanding Arrears of Interest (including any Additional Interest Amounts thereon)
  1. a Substantial Repurchase Event (≥75%), a Gross-Up Event, a Withholding Tax Event, or a Change of Control Event (CoC step-up of 500bps if the Issuer does not elect to redeem the Notes) at the principal amount; and
  2. an Accounting Event, an Equity Credit Rating Event or a Tax Deductibility Event at 101% of the principal amount until (but excluding) the First Call Date, at the principal amount thereafter
• Mandatory Payment Event: At any time upon:
  1. A dividend or any other distribution or payment was validly resolved on, declared, paid or made in respect of any Junior Securities or Parity Securities, subject to carve-outs set out in the Information Memorandum
  2. the Issuer or any Subsidiary of the Issuer, has repurchased, purchased, redeemed or otherwise acquired any Junior Securities, subject to carve-outs set out in the Information Memorandum
  3. the Issuer or any Subsidiary of the Issuer, has repurchased, purchased, redeemed or otherwise acquired any Parity Securities or any Notes, subject to carve-outs set out in the Information Memorandum
• Use of Proceeds: The Issuer intends to use the net proceeds for general corporate purposes, which may include the refinancing of existing indebtedness of the Issuer.
• Denominations: €100k+€100k
• Governing law: French Law
• Documentation: Standalone
• Listing: Euro MTF
• Global Coordinators: BNP Paribas (B&D) / Société Générale
• Joint Bookrunners: Crédit Agricole CIB / HSBC
• ISIN: FR001401B551
• Marketing: URL: http://www.netroadshow.com Entry Code: River2026 Direct Link: http://www.netroadshow.com/nrs/home/#!/?show=29b5069a
• Target Market: Eligible Counterparties and Professional investors only (all distribution channels). No PRIIPs key information document (KID) and disclosure document required by FCA Product Disclosure Sourcebook have been prepared as not available to retail in EEA or in the UK
• Selling Restrictions: As per Preliminary Information Memorandum dated 28-Sep-26
• Timing: TOE 13:34 UKT | FTT 14:00 UKT