Commentary & Deal Flow

Bending Spoons US$1.5bn equiv (US$/EUR) 144A/Reg S sr sec notes 2-part. Expect Ba3/BB- (stable/stable). Via JPM (B&D US$)/BNP (B&D EUR) + others. No reg rights. List Lux (Specialist Securities Segment). NY law. Canadian sales: Alberta, BC, Ontario & Quebec. Governing law: New York.

- Bending Spoons Operations SpA EUR ($500m equiv) sr sec notes due 01/31/32 (5y). NC2 (50%, 25%, par). Via BNP (B&D EUR)/GS/JPM/UniCredit/HSBC/IMI jt glocos/Akros/Citi/MUFG/WFS jt physical books. CoC at 101. Denoms: 100kx1k. IPT: Low 9s.

- Bending Spoons US Inc US$1bn sr sec notes due 01/31/32 (5y). NC2 (50%, 25%, par). Via JPM (B&D US$) sole gloco/Allen/Akros/BNP/Citi/GSHSBC/IMI/MUFG/UniCredit/WFS jt physical books. CoC at 101. Denoms: 200kx1k. IPT: Low 10s.

Investor call at 10am NYT / 2pm UKT 10/27 (also did a roadshow (virtual small group meetings) 10/21-22). Pricing 10/29. UOP: fund future acquisitions and GCP. Biz: A leading technology company owning and operating dozens of digital businesses, including Airtable, AOL, Brightcove, Eventbrite, Miro, Tractive, Vimeo, and WeTransfer. HQ: Milan, Italy.
Netroadshow link: www.netroadshow.com/nrs/home/#!/?show=630762e2. Entry code: Bendingspoons2026.
GIC registration link: https://www.netroadshow.com/events/login/1PeTHmoj9r9cfJhDxgpmuE9yHvuMwuESw09pO