Commentary & Deal Flow

Bending Spoons approx US$1.8bn (up from US$1.5bn) equiv (US$/EUR) 144A/Reg S sr sec notes 2-part. Ba3/BB-/BB+ (stable/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.

    - Bending Spoons Operations SpA EUR500m (up from $500m equiv) sr sec notes due 01/31/32 (5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103.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. Price talk: 8.75%-9.00%.

    - Bending Spoons US Inc US$1.25bn (up from US$1bn) sr sec notes due 01/31/32 (5y). NC2 (MWC T+50bp) (50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103.Via JPM (B&D US$) sole gloco/Allen/Akros/BNP/Citi/GS/HSBC/IMI/MUFG/UniCredit/WFS jt physical books. CoC at 101. Denoms: 200kx1k. IPT: Low 10s. Price talk: 9.75%-10.00%.

US$300m upsize for GC. Did an investor call at 10am NYT / 2pm UKT 10/27 (also previously did a roadshow (virtual small group meetings) 10/21-22). Books close at 2:30pm UKT / 10:30am NYT 10/28. Pricing 10/28 afternoon (originally pricing 10/29). UOP: fund future acquisitions and GCP (US$300m upsize for 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