Commentary & Deal Flow

• Issuer: IS Iris Lux BidCo S.à r.l.
• Company: InPost S.A.
• Ticker: INPST
• Size: min. EUR400m (EUR3.065bn total with EUR1.5bn term loan B)
• Format: Reg S / 144A no Reg Rights
• Security: Senior Secured Notes
• Price Progression:
  • Price talk: 6%-6.25%
  • IPT: 6%-6.25%
• Issue Ratings: Ba3 / BB (stable/stable)
• Maturity: 2033 (7y)
• Optional Redemption: NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Listing call: 1st 3 years at 102 in whole or in part with the net cash proceeds of any listing. Special call: 15% per year the first 3 years at 103 (subject to the ability to carry-forward and carry-back unused amounts)
• Change of Control: investor put at 101
• Law: NY
• Denominations: 100kx1k
• Listing: The International Stock Exchange
• Physical Bookrunners: Morgan Stanley (B&D), JP Morgan
• Joint Bookrunners: Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, ING, Mizuho, NatWest, NH Investment & Securities, RBC, Santander, UniCredit
• UOP: Alongside a pre-placed EUR1,135m-equivalent PLN TLB, EUR1.5bn minimum term loan B, to finance the acquisition of InPost by Advent Intl (37%), FedEx (37%), A&R Investments (16%) and PPF Group (10%) at EUR15.60 per share (EUR7.8bn total cash), to fund EUR510m cash to balance sheet, tender all or a portion of the EUR850m existing 4.00% sr notes due 04/01/31 via priority tender, and pay transaction fees and expenses. Also EUR908m of rollover leases. Equity sponsors Advent Intl, FedEx, A&R Investments will contribute $5.918bn in equity (acquisition announced 09-Feb-2026)
• Ownership: Advent Intl (37%), FedEx (37%), A&R Investments (16%) and PPF Group (10%)
• Biz: Europe’s leading e-commerce logistics enabler, providing a Pan-European, tech-enabled logistics platform that specializes in parcel delivery through a network of out-of-home points, including pick-up and drop-off locations and automated parcel machines, as well as to-door services HQ: Luxembourg
  Marketing:
• Investor Call: Wednesday 23rd September at 11:30 UKT
• Fixed income investor meetings: Wednesday 23rd, Thursday 24th, Friday 25th, and Monday 28th September
• Books close: 14:00 UKT Thursday 1st of October (from 17:00 UKT)
• Pricing: Today (Originally pricing 02-Oct)

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