Commentary & Deal Flow

Price Talk: 5NC2: 7% area (+/- 12.5bps)
IPTs: 5NC2: 7.25% area (+/- 12.5bp)

• Issuer: Alexandrite Monnet UK Holdco PLC (Befimmo) (Ticker: BFIMMO)
• Business: Belux's largest privately held office owner and operator with a high-quality portfolio in Brussels and other prime cities in Belgium and Luxembourg. HQ: Brussels, Belgium
• Use of Proceeds: To refinance its €400m 10.50% sr sec notes due 15-May-29 (€40m at 103 via the special call and the rest on 15-May-26 at 105.25), and fund a €46m return to shareholders.
• Corporate Ratings: NR/B+/B+ (--/negative/stable) (S&P/Fitch)
• Issue Ratings: NR/B+/BB- (S&P/Fitch)
• Currency: €
• Offering Size: €475,000,000
• Instrument: Senior Secured Fixed Rate Notes
• Tenor: 5 Years
• Call Protection: NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103
• Change of Control: Put @ 101
• Distribution: Reg S / 144A for life
• ISIN: XS3350943018 / XS3350943281
• Day Count: 30/360
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York Law
• Settlement: 15-May-26
• Equity sponsor: Brookfield.
• Joint Global Coordinators and Joint Physical Bookrunners: BNP Paribas (B&D), Deutsche Bank
• Joint Bookrunner: Brookfield Capital Solutions
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (UK or EU MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No UK or EU PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Timing: Books close today, 28-Apr-26 at 14:30 UKT / 15:30 CET, pricing thereafter.
• GIC: 27-Apr-26 @ 11:00 UKT / 12:00 CET
• 1-on-1s: 27-Apr-26 – 28-Apr-26
• Netroadshow:
• Link: www.netroadshow.com
• Access Code: Befimmo2026
• GIC Registration Link: https://www.netroadshow.com/events/login/1PeTHmohTjyrgsu7g5rcDfcOfzWgVLvTai1k9