Commentary & Deal Flow

Froneri Lux Finco Sarl (ICECR) approximately EUR1.1bn (up from EUR1bn) (EUR/US$) equivalent 144A/Reg S sr sec notes 2-part due 08/01/32 (7y). B1/BB- (stable/stable). No reg rights. List Lux. NY law. Settles 08/01 (T+12). EUR100m upsize transferred from TLB. 

- EUR600m (up from EUR500m minimum and EUR500m) due 08/01/32 (7y). NC3 (07/15/28) (MWC B+50bp) then on 07/15/28 at 102.375, 07/15/29 at 101.1875, on 07/15/30 and thereafter at 100. Equity claw: 3y 40% at 104.75. 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. CoC at 101. Pays January 31 and July 31, starting 01/31/26. Denoms: 100x1. 144A ISIN: XS3123697453. Original IPT: low to mid 5s. Updated IPT: 5.25%-5.50%. Price talk: 5.00% area. Final price talk:4.75% area. Priced: 4.75% at 100. +235bp vs DBR 1.70% 08/15/32.

- US$580m (from EUR500m minimum and EUR500m equivalent) due 08/01/32 (7y). NC3 (07/15/28) (MWC T+50bp) then on 07/15/28 at 103, 07/15/29 at 101.5, on 07/15/30 and thereafter at 100. Equity claw: 3y 40% at 106. 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. CoC at 101. Pays January 31 and July 31, starting 01/31/26. Denoms: 200x1. 144A CUSIP: 35901M AA5. 144A ISIN: US35901MAA53. Original IPT: mid to high 6s. Price talk: 6.25% - 6.50%. Final price talk: 6.125% area. Priced: 6.00% at 100. +180bp vs 4.00% 06/30/32.

Roadshow (small group meetings) 07/10-11 (did investor call 3pm UKT 07/10). Books closed at 5pm UKT/12pm NYT 07/16 (from 07/17). UOP: along with EUR540m of cash on hand and Froneri Lux Finco Sarl EUR2.8bn (down from EUR2.9bn) equivalent term loan B, consisting of EUR B5 via Barc/DB/HSBC+ and EUR US$-equivalent B6 via GS+ (lender call 10an NYT/3pm UKT 07/08, commitments due at 2pm 07/16, from 07/17), to fund a EUR4.4bn distribution to shareholders. (EUR100m upsize transferred from TLB). 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.