Commentary & Deal Flow

Reoffer: Long 4yr: MS+100bp / 96.257 / 4.477%
Benchmark: Long 4yr: OBL 2.2 Oct-30 @ 96.39 (3.183%)

Tranche 1 (Long 4yr): Final books > €375m. Peak book > €385m

Launched: Long 4yr: €150m @ MS+100bp - Books > €385m
IPTs: Long 4yr: MS+125a

• Issuer: Titan Global Finance PLC
• Ticker: TITKGA
• Country: GB
• Issuer LEI code: 213800OR4GNG3GHDZ587
• GuarantorGuarantor LEI: Titan SA 213800H2CDP9I374WH83
• Issuer Rating: BBB- Stable / BB+ Positive (S&P / Fitch)
• Exp. Issue Ratings: BBB- / BB+ (S&P / Fitch)
• Format: Senior Unsecured Notes, Reg S
• Size: €150m
• Pricing date: 21-Oct-26
• Settlement: 26-Oct-26 (T+3)
• Maturity: 04-Feb-31
• Re-offer: MS+100 / 96.257 / 4.477%
• Benchmark: OBL 2.2 Oct-30 @ 96.39 (3.183%)
• Coupon: 3.500% Fixed (Ann, ACT/ACT)
• Listing: Euronext Dublin – Global Exchange Market
• Docs: Preliminary Offering Circular dated 21-Oct-26
• Governing Law: English Law
• Make-Whole Call: B+20
• Par Call: Yes, 3-months
• Issuer Residual Call: Yes, 80% @ par
• Change of Control Put: Yes
• UoP: General Corporate Purposes (including refinancing of the Group’s existing indebtedness)
• Denoms: €100k + €1k
• Joint Global Coordinators: BNP Paribas, HSBC Continental Europe (B&D)
• Joint Bookrunners: AXIA Ventures Group Ltd., Eurobank S.A., National Bank of Greece S.A., Piraeus Bank S.A.
• Clearing System: Euroclear Bank SA/NV/Clearstream Banking S.A.
• Target Market: Manufacturer target market (MIFID II) is: professional investors, eligible counterparties and high net worth retail investors. No EU PRIIPs key information document has been prepared (KID) as the notes do not fall within the scope of EU PRIIPs. No disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the notes are not available to retail in the United Kingdom
• Selling Restrictions: Reg S Cat. 2; Not to be offered within the U.S. or to any U.S. persons. Full terms are set out in the Preliminary Offering Circular
• Timing: Book open, today’s business
• Existing ISIN: XS3263933049
• Temporary ISIN: XS3543715885 expected to funge after 40 days
• Advertisement: The final Offering Circular, when published, will be available at the website of Euronext Dublin
• Timing: TOE: 16.27 UKT / FTT: 16.45 UKT