Commentary & Deal Flow

Goldstory SAS (THOM Group) EUR620m (up from 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. Settles 02/04 (T+5).

- EUR370m fixed rate notes due 03/01/26 (5y). NC2 (MWC B+50bp), then at 102.6875, 101.3438, 100. Equity claw: 2y 40% at 105.375. Reg S ISIN: XS2294854745. Px talk: 5.50%-5.75%. Final terms: EUR370m at 5.375%. Priced: 5.375% at 100. +616bp vs DBR 0.5% 02/15/26.

- EUR250m FRN due 03/01/26 (5y). NC1 (MWC B+50bp), then at 101.00, 100. Reg S ISIN: XS2294854232. Px talk: 3mE+550-575bp. Final terms: EUR250m at 3mE+550bp (0% floor) at par. Priced: 3mE+550bp (0% floor) at 100.

Did investor call at 11:30am 01/25. Virtual 1x1 meetings through yesterday. Books closed at 11:30am UKT 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