Commentary & Deal Flow

Reoffer: Long 6yr: MS+220bp / 98.221 / 5.603%
Benchmark: Long 6yr: DBR 2.5 Nov-32 @ 96.21 / B+240.4bp

Tranche 1 (Long 6yr): Final Books €495m. Peak book > €600m (pre-reconciliation)

Launched: Long 6yr: €300m @ MS+220bp - Books > €600m (pre-reconciliation)
IPTs: Long 6yr: MS+220a

• Issuer: Mercialys (Ticker: MERYFP, Country: FR)
• Issuer LEI: 969500081CGAXB7YS433
• Issuer Rating: BBB Stable by S&P
• Exp. Notes Rating: BBB by S&P
• Format: Senior, Unsecured, Reg S (Cat2), Bearer dematerialized
• Settlement: 3-Nov-26 (T+5)
• Size: €300m
• Maturity: 3-Jan-33 (Long 6-year)
• Coupon: 5.25% (Annual), Act/Act (ICMA), Short First Coupon
• Price/Yield: 98.221% / 5.603%
• Spread: MS+220bp / B+240.4bp
• Ref Security: DBR 2.5 Nov-32 @ 96.21% (3.199%) HR 95%
• Docs: Standalone / French Law / Euronext Paris / Clean-up Call (75%) / 100k+100k / 3m-par-call / CoC (Put @100%) / MWC (vs. OAT) OAT +20bp
• Covenants: Restrictions on secured borrowings, Negative pledge
• Use of Proceeds: General Corporate Purposes
• Global Coordinators: BNP Paribas (B&D), Credit Agricole CIB, Natixis
• Active Bookrunners: BNP Paribas, CIC CIB, Credit Agricole CIB, La Banque Postale, Natixis, Societe Generale
• Target Market: The manufacturer target market (EU MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Advertisement Language: The final prospectus, when published, will be available on the website of the Issuer (www.mercialys.fr) and on the website of the Autorite des marches financiers (the AMF) (www.amf-france.org).
• ISIN: FR001401BRT9
• Timing: TOE 14.53 UKT FTT 15.20 UKT / 16.20 CET