Commentary & Deal Flow

Takko Fashion GmbH (TAKKO) EUR350m 144A/Reg S sr sec notes due 2030 (5.5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 40%. B3/B-/BB- (stable/stable/stable). Via DB (B&D)/UniCredit jt physical books/GS jt books. No reg rights. List ISE. NY law. CoC at 101. Price talk: 10.50%-10.75%.

Revised price talk: 10.25%-10.50%.

Roadshow (virtual) 10/24-25 (Investor call at 2pm 10/24). Books closed at 1pm UKT 10/29. Reconfirm by 3:30pm UKT 10/29. Pricing 10/29 UK afternoon. UOP: repay debt (EUR66m super se facilities and $308m sr sec facilities) . Equity sponsor: Silver Point Capital (95.76%). Biz: leading European quality discounter in fashion retail. HQ: Telgte, Germany.

RSP & Red OM Link: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=8f1275ca, Deal entry code: TAKKO24.

Investor call: https://www.netroadshow.com/events/login?show=814a52aa&confId=72881