Commentary & Deal Flow

Private placement: Kapla Holding SAS (Kiloutou) (KILOTO) EUR100m Reg S add-on to its sr sec FRN due 04/30/33 (6.5y). NC0.5 (04/30/27) (MWC B+50bp), then at 100 04/30/27. B1/B+ (stable/stable). Via CA/JPM as placement agents. List Lux. NY law. CoC at 101. Denoms: 100kx1k. Pays 15-Mar, 15-Jun, 15-Sep, 15-Dec commencing 15-Dec-26. Trade date 01-Oct-2026. Settles 15-Oct-2026. Temporary Reg S ISIN: XS3520692214. Permanent Reg S ISIN: XS3356049208. Fungible after 40 days with the EUR450m issue priced 23-April-2026. Priced: 3mE+300bp at 99.50. UOP: GCP. Equity sponsors: HLD/Dentressangle. Biz: leading European B2B and B2C equipment rental provider. HQ: Villeneuve-d’Ascq, Lille, France.