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Brenntag (Baa2/BBB+): Points from Roadshow

BASIC INDUSTRIES

• Highlighting diversification, market leadership and cash flow generation.

• Track record of small acquisitions, likely to remain active there with the market fragmented.

• Targeting 2x leverage (1.4x current) and committed to IG rating.

• Transaction prefinaces €850mn 2025 maturities, terms out debt maturity profile.

• Carve out put at par in the event of any deconsolidating transaction that triggers downgrades to sub IG from 2 rating agencies.

• Seeing secondary bonds little changed today after widening 6bp yesterday.

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