Commentary & Deal Flow

• Issuer: Paprec Holding
• Ticker: PAPREC
• Size: EUR525m (up from EUR425m)
• Format: 144A/Reg S, no reg rights
• Security: Green Senior Secured Notes
• Price Progression:
  • Priced: 6% at 100. +274bp vs OBL 2.9 10-August-2031
  • Price talk: 6% area (+/-12.5bp) WPIR
  • IPT: Low to mid 6s
• Coupon: 6.00%
• Price: 100
• Spread to Benchmark: 274bp
• Benchmark: OBL 2.90% 08-Oct-2031
• Issue Ratings: BB (S&P) / BB+ (Fitch) (stable/stable)
• Maturity: 15-October-2031 (5y)
• Optional Redemption: NC2 (15-October-2028) (MWC B+50bp)
  • 15-October-2028: 103.00
  • 15-October-2029: 101.5
  • 15-October-2030: 100
• Equity claw: 2y 40% at 106
• Special call: 10% per year the first 2 years at 103
• Change of Control: investor put at 101
• Payment dates: Semi-annual, 15-April and 15-Oct, starting 15-April-2027.
• Denominations: 100kx1k
• Reg S ISIN: XS3541167311
• 144A ISIN: XS3541167402
• Listing: TISE
• Law: New York
• Global Coordinators and Physical Bookrunners: CACIB (B&D), Natixis, SG
• Settles: 28-October-2026 (T+10)
• Trade Date: 14-October-2026
• UOP: Proceeds from the offering will be used to to refinance the EUR421.5m 3.50% green sr sec 1st lien notes due 01-July-2028 (callable at 100), general corporate purposes including to partially fund the Marius Pedersen acquisitions and pay certain fees and expenses in connection with the offering. An amount equivalent to the net proceeds will be allocated in accordance with the Green Bond Framework 2026.
• Biz: Family-owned waste management company, specialized in recycling and waste-to-energy activities from private and public customers, with leading positions across the waste management value chain in Europe.
• Ownership: JLPP Entrepreneurs (Petithuguerin Family) 53.8%, Vauban 20%, Bpifrance Participation 18.5%, Credit Agricole Assurances Infrastructure 5.7%, others 2.0%.
• HQ: Paris, France
  Marketing:
• Investor Call: Tuesday, 13-October at 10:30 UKT / 11:30 CET
• Fixed income investor meetings: Virtual meetings available 13-October – 14-October
• Books closed: 1:30pm UKT / 2:30pm CET 14-Oct
• Reconfirmations were due: 3:30pm UKT / 4:30pm CET 14-Oct
• FTT: 15-October-2026 08:00 AM UKT
• ToE: 14-October-2026 04:49 PM UKT

https://evercall.co/oacc/70770
https://dealroadshow.finsight.com/e/GreenFuture26