Commentary & Deal Flow

Tranche 1 (5.5yr): Final Book > €3.0bn. Peak book above €3.0bn

Benchmark: DBR 0 15-Feb-32 - HR 110%
Hedge Deadline: 13.55 UKT / 14.55 CET

Launched: 5.5yr: €500m @ MS+88bp - Books above €2.95bn
IPTs: 5.5yr: MS+120/125

• Issuer: Danfoss A/S (Ticker: DNFSDC, Country: DK)
• Issuer LEI: 5493007I2KABJNYPD639
• Issuer Ratings: Baa1 (stable outlook) by Moody’s, BBB (stable outlook) by S&P
• Expected Issue Rating: Baa1 by Moody’s
• Status / Format: Senior Unsecured / Reg S, Bearer, New Global Note
• Settlement Date: 19-Oct-26 (T+5)
• Maturity Date: 19-Apr-32 (5.5-Year)
• Size: €500m
• Coupon: Fixed, Annual, Act/Act (ICMA), Short First Coupon
• Reference Benchmark: DBR 0 15-Feb-32 (ISIN DE0001102580)
• ISIN / Common Code: XS3536404612 / 353640461
• Change of Control Put: Yes, at Par
• Redemption Options: 3m Par Call, Clean-up Call (75%) at Par, MWC
• Special Redemption Option Call: Yes, in whole & optional @ 101.00%
• Special Redemption Event: A Special Redemption Event shall be deemed to have occurred if the Group: (i) has not completed and closed the acquisition of the Acquisition Target by 30-Apr-27 (the “Special Redemption Longstop Date”); or (ii) has published an announcement that it no longer intends to pursue the acquisition of the Acquisition Target
• Docs / Denoms: EMTN, LuxSE (Euro MTF market), English Law / €100k + €1k
• Use of Proceeds: General corporate purposes including financing the acquisition by the Group of Alfagomma (“the Acquisition Target”) and related costs
• Clearing: Euroclear and Clearstream
• Business Days: T2
• Business Day Convention: Unmodified Following, Unadjusted
• Selling Restrictions: As per the EMTN Programme (Reg. S Compliance Category 2; TEFRA D), including the United States of America, the EEA, the Kingdom of Denmark, The Netherlands, the United Kingdom, Belgium, Japan, Singapore, Switzerland, and Canada
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as the Notes are not available to retail in the EEA or the UK.
• Joint Bookrunners: BNP Paribas, Citi, Danske Bank, J.P. Morgan (B&D), Nordea
• Timing: Books open, Today's business
• Books Subject: 12.20 UKT / 13.20 CET
• Allocations & Pricing: This afternoon