Commentary & Deal Flow

• Price Progression:
  • Priced: 6.95% at 99.299 to yield 7.125%. +399.1bp vs OBL 2.9 10-August-2031 #194
  • Launched: 7.125%
  • Price talk: 7.25% area (+/-12.5bp)
  • IPT: Mid-7%s
• Spread to Benchmark: 399.1bp
• Benchmark: OBL 2.9 10-August-2031 #194 (@98.924 / 3.134%)
• Coupon: 6.95%
• Price: 99.299
• Yield: 7.125% (annual)
• Issuer: Holding d’Infrastructures des Métiers de l’Environnement SAS (HIME – Saur)
• Ticker: SAUR
• Size: EUR400m (down from EUR500m expected)
• Format: Senior Unsecured, Unsubordinated, Reg S (Cat2), Bearer form, NGN, Blue
• Security: Senior Unsecured Blue Notes
• Expected Issue Ratings: BB+ / BB (S&P / Fitch)
• Maturity: 31-January-2032 (5.25y)
• Optional Redemption: Par-Call (3-months) (MWC B+50bp)
• Special call: Clean-Up call (75%)
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Reg S ISIN: XS3556886409
• Listing: Euronext Dublin (Global Exchange Market)
• Law: English
• Global Coordinators & Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, HSBC (B&D), Morgan Stanley, Natixis
• Passive Bookrunners: Rabobank, Société Générale
• ESG Coordinators: Crédit Agricole CIB, Natixis
• Pay date: 31-January (annual), starts 31-January-2027
• Settles: 05-November-2026 (T+5)
• Trade Date: 29-October-2026
• UOP: An amount equivalent to the net proceeds from the issuance of the Notes to finance and/or refinance, in whole or in part, new or existing Eligible Blue Projects in accordance with the Issuer’s Green and Blue Financing Framework. The net proceeds from the issuance of the Notes will be applied, in whole or in part, (i) to fund the tender offer on the Issuer’s €500,000,000 0.75% Sustainability Linked Senior Notes due September 2028 (ISIN XS2385390724) (the “Existing 2028 Notes”) or otherwise refinance the Existing 2028 Notes; (ii) to pay costs, fees and expenses in connection with the tender offer on the Existing 2028 Notes; and (iii) for general corporate purposes.
• Equity sponsors: EQT (~49%)/CVC (~24%)/PGGM (~24%)
• Biz: A leading global water management company providing full water life-cycle infrastructure and services
• HQ: Issy-les-Moulineaux, France
  Marketing:
• Investor Call: 1x1 / Small Group Calls (45 mins each) Tuesday 27, October 2026. Natixis coordinated logistics
• Books closed: 29-October-2026 at 13:00 UKT (Books > EUR1.3bn incl. JLM)
• TOE: 16:03 UKT 29-Oct-2026
• FTT: 16:30 UKT 29-Oct-2026

NetRoadshow: www.netroadshow.com (Entry Code: SAUR26) or Direct Link: www.netroadshow.com/nrs/home/#!/?show=8c5aac5f
Green and Blue Financing Framework: https://www.saur.com/investors