Commentary & Deal Flow

Goldstory SAS (THOM Group) EUR600m 144A/Reg S sr sec notes 2-part. B2/B (stable/stable). Via JPM (gloco (B&D)/BNP/ING/Socgen joint books. No reg rights. List Lux. NY law. No reg rights.

- EUR TBD fixed rate notes due 2026 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. Px talk: 5.50%-5.75%.

- EUR TBD FRN due 2026 (5y). NC1 (MWC T+50bp) (101,par). Px talk: 3mE+550-575bp.

Did investor call at 11:30am 01/25. Virtual 1x1 meetings through yesterday. Books close at 11:30am UKT today. Pricing today. UOP: along with the EUR360m equity contribution and EUR147m cash on the balance sheet, to pay the EUR514m purchase price of the acquisition (Bridgepoint and Qualium are selling their 59% and 7% ownership of THOM to Altamir, which will increase its ownership to 56% from 25%, management (16%), two family offices and a few individuals), and repay the EUR565m TLB. Biz: the holding company of THOM Europe SAS, a leading pan European retailer of affordable precious jewelry. HQ: Paris, France