Commentary & Deal Flow

Priced: 5NC2: 6.875% / 100
Benchmark: 5NC2: OBL 2.5 16-Apr-31 @ 413bp

Guidance: 5NC2: 7%a
IPTs: 5NC2: 7.25%a

• Issuer: Alexandrite Monnet UK Holdco PLC (Befimmo) (Ticker: BFIMMO)
• 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+ I--/negative/stable) (S&P/Fitch)
• Issue Ratings: NR/B+/BB- (S&P/Fitch)
• Instrument: Senior Secured Fixed Rate Notes
• Currency: €
• Offering Size: €475,000,000
• Maturity: 31-May-31 (5y)
• Coupon: 6.875%
• Issue Price: 100
• YTM: 6.875%
• Spread to Benchmark: 413bps
• Benchmark: OBL 2.5 16-Apr-31
• Make-Whole: BUNDS + 50bps
• Optional Redemption: NC2
• • Commencing 13-May-28 – 103.4375%
  • Commencing 13-May-29 – 101.71875%
  • Commencing 13-May-30 – 100%
• Equity Claw: Up to 40% @ 106.875%
• Special call: 10% per year the first 2 years at 103.
• Interest Payment Dates: Semi Annual, 31-May / 30-Nov
• First Interest Payment Date: 30-Nov-26
• Day Count: 30/360
• Change of Control: Put @ 101
• Distribution: Reg S for life / 144A
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York Law
• ISIN: Reg S: XS3350943018 / 144A: XS3350943281
• Trade Date: 28-Apr-26
• Settlement: 13-May-26
• Equity sponsor: Brookfield.
• Joint Global Coordinators and Joint Physical Bookrunners: BNP Paribas (B&D), Deutsche Bank
• Joint Bookrunner: Brookfield Capital Solutions
• Equity sponsor: Brookfield.
• Biz: 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.
• Roadshow: (1x1s) 04/27-28 (did global Investor call 11am UKT / 12pm CET 04/27). Books close 14:30 UKT / 15:30 CET 04/28.
• TOE: 18:30 UKT, 28-Apr-26
• FTT: 07:45 UKT, 29-Apr-26
• 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
• NetRoadshow link: www.netroadshow.com. Access code: Befimmo2026.
  GIC registration: https://www.netroadshow.com/events/login/1PeTHmohTjyrgsu7g5rcDfcOfzWgVLvTai1k9