Commentary & Deal Flow

• Issuer: LSF13 Constantine Acquisition GmbH (ContiTech)
• Ticker: CNTTCH
• Deal Size: EUR2,350m-eqv. (including TLBs)
• Format: Reg S
• Security: Senior Secured Fixed Rate Notes (7y)
• Price Progression:
  • IPT: 7.75% area
• Tranche Size: min. EUR400m
• Expected Corporate Ratings: B1 (stable) / B (stable) / B+ (positive)
• Expected Issue Ratings: B1 / B / BB-
• Optional Redemption: NC3 (MWC B+50bp) (50%, 25%, par)
• Equity claw: 3y 40%
• Special call: 10% per year the first 3 years at 103
• Change of Control: CoC at 101
• SMR: at 100 if the acquisition has not closed by 01-Nov-2027
• Denominations: 100kx1k
• Listing: The International Stock Exchange
• Law: New York
• Joint Global Coordinators and Physical Bookrunners: Barclays (B&D), Jefferies, UBS Investment Bank
• Joint Global Coordinators and Joint Bookrunners: BNP PARIBAS, Santander Corporate & Investment Banking
• Joint Bookrunners: BBVA, IMI-Intesa Sanpaolo, J.P. Morgan, Natixis, NatWest, Raiffeisen Bank International
• Co-Manager: Helaba
• UOP: Total deal size EUR2.35bn equivalent, alongside min. EUR500m EUR TLB, min. US$750m USD TLB and EUR1,370m equity contribution, proceeds will be used to finance the acquisition of ContiTech rom Continental AG by Lone Star Funds for EUR4bn, fund EUR150m cash to balance sheet, and pay transaction fees and expenses. Closing expected Q4 2026 (Acquisition announced 06-July-2026)
• Equity sponsor: Lone Star Funds
• Biz: Globally leading pure-play engineered rubber producer, with #1 and #2 positions across principal product groups comprising Conveying Solutions, Fluid Handling Solutions, Power Transmission Solutions, Damping Solutions, and LivTec, serving predominantly aftermarket replacement demand off a large installed base, to a diverse customer base across end-markets and geographies.
• HQ: Hanover, Germany Marketing:
• Investor Call: Thursday 15th October at 1:15pm UKT
• Fixed income investor meetings: Friday 16th, Monday 19th, and Tuesday 20th October

Global Investor Call Registration:https://www.netroadshow.com/events/login/1PeTHmohY9pNluiQGAPqiIKzHGGY555Fvht9NNetRoadshow& OM Link:www.netroadshow.com/nrs/home/#!/?show=83726ccf