Commentary & Deal Flow

Mundys SpA (fka Atlantia Spa) (ATLIM) EUR500m (from EUR benchmark size) Reg S sustainability-linked sr notes due 01/24/30 (5.5y). NCL (MWC) (3mo par call). Expect Ba2/BB+/BB (stable/stable/stable). Via DB/JPM/SocGen (B&D)/UniCredit jt glocos/CA/IMI/Mediobanca/SMBC jt active books/Banca Akros/Barc/BNP/BofA/BPER/RBC jt books. List Dublin. English law. Off the EMTN Programme. Material asset sale put event at par.Annual pay (Act/Act). Settles 07/24 (T+7). Reg S ISIN: XS2864439158. IPT 4.875%-5.00% yield. Guidance: 4.625%-4.75% yield (WPIR).

Final terms: EUR500m 4.50% coupon to yield 4.625%.

Books went subject at 1pm UKT 07/15. Pricing 07/15 UK afternoon. Final books in excess of EUR1bn. UOP: GCP, including concurrent tender offer for its EUR750m 1.625% notes due 02/03/25 (98.95 purchase price, Barc/BofA dealer managers). Biz: a leading diversified global infrastructure group with a long term concession portfolio, comprising of motorways, airports and mobility services. HQ: Rome, Italy.

Premium payment trigger event: Occurs if the Issuer fails to satisfy the KPI 1 Condition or the KPI 2 Condition, in each case in accordance with the Conditions of the EMTN Programme.

KPI 1 condition: Reduction in absolute GHG Scope 1 and 2 Emissions by 38% by 2027 (2019 baseline).

KPI 2 condition: with reference to Abertis: #1: Reduction in intensity of GHG Scope 3 Emissions from purchased goods and services, per million kilometres travelled by vehicles using Abertis-managed road networks, by 16% by 2027 (2019 baseline),; #2: Increase in the number of Electric Vehicle Charging Points (EVCPs) installed by 833 by 2027 (2021 baseline) With reference to AdR: #1: Reduction in per passenger GHG Scope 3 emissions (excluding aircrafts sources) by 10% in 2027 (2019 baseline), #2: Maintain the ACA Accreditation Level labelled as Level 4+ “Transition” up to 2027.

Premium payment amount: 37.5bps upon failure to satisfy KPI 1 Condition; 37.5bps upon failure to satisfy KPI 2 Condition (For a maximum cumulative premium of 75bps).

Premium payment amount: The Maturity Date (or, if applicable, any day falling within the Par Call Period in the circumstances set out in Condition 6(h) of the EMTN Programme).

NetRoadshow code: VITE2K24.