Commentary & Deal Flow

Launched: 10yr: £250m @ G+120bp - Books in excess of £770m
IPTs: 10yr: G+135a

• Issuer: Bazalgette Finance plc (Ticker: BAZFIN)
• Issuer LEI: 213800ZGSE4AQTG77U19
• Underlying Obligors: Bazalgette Tunnel Limited, Bazalgette Holdings Limited
• Expected Issue Ratings: Baa1 / BBB+ (Moody's / Fitch)
• Format: Senior, Secured, Reg S, Registered, CGN
• Instrument: Blue Bond, aligned to ICMA principles
• Size: £250m
• Settlement: 08-Oct-26 (T+5)
• Maturity: 08-Oct-36 (10-year)
• Spread Set: G+120bps
• Benchmark: UKT 4.875% due 2036
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the bonds are not available to retail in the EEA or in the UK
• Documentation: EMTN / £100k + £1k / London Stock Exchange Main Market / English Law / MWC (Gilts+ 15% of Re-Offer Spread)
• Selling Restrictions: US (Reg S Cat 2 TEFRA D) Other Selling Restrictions as per Multicurrency Programme
• Use of Proceeds: The net proceeds from the issue of the Blue Bonds will be on-lent to Bazalgette Tunnel Limited under the terms of the relevant IBLA by way of Advances
• Active Bookrunners: CIBC Capital Markets, Lloyds (B&D), RBC Capital Markets
• Books Subject: 12.00UKT
• Schedule: Books open, Today's business
• Marketing: NetRoadshow presentation available at at www.netroadshow.com with entry code TIDEWAY26 or directly at www.netroadshow.com/nrs/home/#!/?show=d291c70e
• ISIN: XS3526056547
• Advertisement: The Multicurrency Programme is available at https://www.rns-pdf.londonstockexchange.com/rns/4082W_1-2026-9-25.pdf. The Final Terms, when published, will be available at www.londonstockexchange.com