Commentary & Deal Flow

IPTs: 6.3yr: MS+195a

• Issuer: Logicor Financing S.à r.l. (Ticker: LOGICR; Country: LU)
• Guarantors: Eurocor II S.à r.l., Eurocor III S.à r.l., Eurologi II S.à r.l. Eurologi III S.à r.l, Eurologi IV Limited and Eurocor UK Limited as Guarantors, subject in each case to modification or release pursuant to the terms of the Programme as set forth in the Base Listing Particulars dated 02-Jun-26, as supplemented by the first supplement dated 13-Oct-26 (together, the “Base Listing Particulars”)
• Issuer LEI: 254900IS16Q1A2TQFN22
• Issuer Rating: BBB (Stable) by S&P
• Expected Issue Rating: BBB by S&P
• Ranking and Form: Senior, Unsecured, Registered form, NSS
• Format: Reg S Only (No offers or sales made in the U.S. or to any U.S. person)
• Pricing Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Title: 6.3-year FXD
• Size: €500m Exp.
• Maturity Date: 27-Jan-33
• ISIN / Common Code: XS3545738224 / 354573822
• IPTs: MS+195 area
• Use of Proceeds: An amount equal to the net proceeds from the issuance will be applied to finance and/or re-finance Eligible Green Projects as more particularly described under “Use of Proceeds” in the Base Listing Particulars and the 2026 Green Finance Framework (as defined in the Base Listing Particulars). Pending allocation of an amount equal to the net proceeds of any Tranche of Green Bonds to Eligible Green Projects, all or a portion of the net proceeds from such issue of any such Tranche may be temporarily invested or otherwise maintained in cash, cash equivalents and/or short-term investments.
• Coupon: FXD, Annual, Act/Act (ICMA) (Short-first)
• Make-Whole Call: Yes
• Par call: 3 months
• Documentation: EMTN / English Law / Euronext Dublin – Global Exchange Market (unregulated market) / Tax Call / CoC / Clean-up call (80%)
• Denominations: EUR 100k + EUR 1k
• Restrictions: As set out in Base Listing Particulars dated 02-Jun-26; RegS Cat 2
• Covenants: (1) Total Debt / Total Assets ≤ 60% (2) Secured Debt / Total Assets ≤ 40% (3) Consolidated Coverage Ratio ≥ 1.5x (4) Unencumbered Asset Test ≥ 125%
• Target Market: MiFID II and UK MiFIR product governance – eligible counterparties and professional clients only (all distribution channels). No sales to retail in the EEA or the United Kingdom. No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or in the UK
• Global Coordinators: Citi (B&D), Goldman Sachs International
• Active Bookrunners: Bank of China, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs International, J.P. Morgan
• Timing: Books Open, Today’s Business