Commentary & Deal Flow

Froneri Lux Finco Sarl EUR1bn equivalent (EUR/US$) 144A/Ref S sr sec notes 2-part due 2032 (7y). B1/BB- (stable/stable). List Lux. NY law.

- EUR500m due 2032 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. IPO call: up to 100% at 102. Via UBS (B&D) sole physical books/Barc/Citi/DB/GS/HSBC jt glocos/BofA/ING/Mizuho/Rabo/Santander/SMBC jt books. Denoms: 100x1. Original IPT: low to mid 5s. Updated IPT: 5.25%-5.50%.

- US$ (EUR500m equivalent) due 2032 (7y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. IPO call: up to 100% at 102. Via Citi (B&D) sole physical books/Barc/DB/GS/HSBC/UBS jt glocos/BofA/ING/Mizuho/Rabo/Santander/SMBC jt books. Denoms: 200x1. Original IPT: mid to high 6s.

Roadshow (small group meetings) 07/10-11 (investor call 3pm UKT 07/10). Commitments due 2pm UKT /9am NYT 07/16 (from 07/17). Pricing concurrently with term loan B on 07/16. UOP: along with EUR540m of cash on hand and Froneri Lux Finco Sarl EUR2.9bn equivalent term loan B, consisting of EUR1bn B5 via Barc/DB/HSBC+ and EUR1.9bn US$-equivalent B6 via GS+ (lender call 10an NYT/3pm UKT 07/08, commitments due at 2pm 07/17), to fund a EUR4.4bn distribution to shareholders. Biz: Froneri Intl Ltd is a 50/50 joint venture between the former R&R business (owned by PAI Partners) and Nestle's ice cream and select frozen food business. HQ: Leeming Bar, North Yorkshire, UK.

Netroadshow direct link: https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.netroadshow.com%2Fnrs%2Fhome%2F%23!%2F%3Fshow%3Da14f3059&data=05%7C02%7Ctobias.feick%40ubs.com%7Cf4394a3069d149fff71308ddbf6ddf55%7Cfb6ea4037cf14905810afe5547e98204%7C0%7C0%7C638877200872752815%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=OxI%2BwnIwwLYE45%2FLaUCnJjCd2%2Bl5nhFIENRCXHPPgRk%3D&reserved=0. Access code: HYfroneri25.