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COMMUNICATIONS: TDF Infrastructure Updated CoC Language

COMMUNICATIONS
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  • New CoC terms; 125bp CPN step on a CoC and a resulting rating removal or downgrade to HY, or if already HY, drops by one notch, within 120 days. A CoC occurs if Tivana France Holdings and/or the issuer TDF Infrastructure SAS (both HoldCos) lose control of at least 50% of TDF SAS (i.e. the OpCo) shares/votes, or if another party (excl. existing shareholders Arcus/Brookfield/Predica) gains control of >50% of voting power in either of the above HoldCos.
  • CoC terms on their 2.5% 2026 line; Put at par on a CoC and a resulting rating removal or downgrade to HY, or if already HY, drops by one notch, within 120 days. A CoC occurs if Tivana France Holdings and/or the Issuer TDF Infrastructure SAS (both HoldCos) ceases to hold at least 50% of the shares/votes in TDF SAS (i.e. the OpCo).

 

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  • New CoC terms; 125bp CPN step on a CoC and a resulting rating removal or downgrade to HY, or if already HY, drops by one notch, within 120 days. A CoC occurs if Tivana France Holdings and/or the issuer TDF Infrastructure SAS (both HoldCos) lose control of at least 50% of TDF SAS (i.e. the OpCo) shares/votes, or if another party (excl. existing shareholders Arcus/Brookfield/Predica) gains control of >50% of voting power in either of the above HoldCos.
  • CoC terms on their 2.5% 2026 line; Put at par on a CoC and a resulting rating removal or downgrade to HY, or if already HY, drops by one notch, within 120 days. A CoC occurs if Tivana France Holdings and/or the Issuer TDF Infrastructure SAS (both HoldCos) ceases to hold at least 50% of the shares/votes in TDF SAS (i.e. the OpCo).