Commentary & Deal Flow

Maxima Grupe UAB (MAXGPE) EUR240m (from EUR200-250m range, down from EUR300m expected) Reg S sr notes due 07/12/27 (5y). NCL (MWC B+50bp, 3mo par call). NR/BB+ (--/stable). Via Citi (B&D)/JPM/MUFG/Luminor jt books. Off Maxima's new EMTN Programme. FCA/ICMA stabilisation applies. Pays annual (actual/actual). List Dublin. with passporting to NASDAQ Vilnius Stock Exchange. English law. Settles 07/12 (T+7). ISIN: XS2485155464. Guidance: 6.50%-6.75%. Yield set: EUR200-250m at 6.50% yield. Final terms: EUR240m at 6.50% yield.

Priced: 6.25% at 98.961, yield 6.50%. +568.8bp vs DBR 0.25% 02/15/27. MS+484.5bp.

Orderbook in excess of EUR270m. Did a global Investor Call at 1pm UKT / 2pm CET 06/27 as well as a series of fixed income investor calls also started 06/27. Books went subject at 2:30pm UKT today. UOP: refinancing of existing indebtedness and GCP. Financial Covenants: Limitation on indebtedness subject to Consolidated Net Leverage Ratio less than or equal to 4.25x and Fixed Charge Coverage Ratio greater than or equal to 2.0x; Restricted payments subject to Consolidated Net Leverage Ratio equal to or less than 4.0x.

Note: An international development institution has obtained board approval to purchase from the Issuer up to 30 per cent of the aggregate principal amount of the Bonds.

Biz: the leading retailer in the Baltic region with an expanding footprint in Central and Eastern Europe. It is part of the Vilniaus Prekyba group. HQ: Vilius, Lithuania. Note: Lithuania is considered an Advanced Economy by the IMF, while the MSCI classifies it as a Frontier Market.

Previously, Maxima Grupe UAB has announced an invitation to the holders of its outstanding EUR300m 3.250%notes due 13 September 2023 (XS1878323499) to tender for cash up to the Maximum Acceptance Amount, expected to be equal to the principal amount of New Notes to be issued (purchase price 99.50). The invitation is subject to the successful completion of the offering of new notes. The Expiration Deadline is set for July 7th 2022. For further information on the offer, holders should (subject to offer and distribution restrictions) refer to the Tender Offer Memorandum dated June 27th, 2022. Citi/JPM/Luminor/MUFG are dealer managers.