Commentary & Deal Flow

Final Books €615m+. Peak book in excess of €850m.

Launched: 6yr: €550m @ 6.875% - Books in excess of €850m
IPTs: 6yr: 6.875-7.00%

• Issuer: CPI Property Group
• Issuer LEI: 222100CO2ZOTEPGJO223
• Issuer Ratings: Ba2/BB (Moody's/S&P)
• Expected Ratings of the Notes: Ba2/BB (Moody's/S&P)
• Format: Senior Unsecured / Registered form / NSS
• Size: €550m
• Coupon: 5.875%
• Pricing Date: 30-Jun-26
• Settlement/Issue Date: 07-Jul-26
• Maturity Date: 07-Jul-32
• Books Subject: Books to go subject at 13:15 LDN / 14:15 CET
• Coupon Payment Dates: 7 July each year starting on 07-Jul-27 up to and including the Maturity Date
• Day Count: Actual/Actual (ICMA), Unadjusted, Following
• ISIN / Common Code: XS3430768781 / 343076878
• Denominations: €100k x €1k
• Optional Redemption: Make-Whole Call (notice period: 15 – 30 days), Issuer Maturity Par-Call (three months; notice period: 15 – 30 days), Tax Call (notice period: 30 – 60 days), as stipulated in the Base Prospectus dated 06-May-26.
• Financial Covenants: Consolidated Leverage Ratio shall not exceed 60% (maintenance); Consolidated Secured Leverage Ratio shall not exceed 45%, with carve out up to <50% on two consecutive measurement days (maintenance); Consolidated Coverage Ratio shall not be less than 1.9x (maintenance); for complete definitions, please refer to the Base Prospectus
• Clean-up Call: Yes, at 75%
• Change of Control: Yes, at par plus accrued interest; as stipulated in the Base Prospectus
• Negative Pledge: Yes, in relation to Capital Markets Indebtedness; as stipulated in the Base Prospectus
• Events of Default: As stipulated in the Base Prospectus
• Use of Proceeds: The net proceeds are intended to be used to satisfy the Issuer's obligations in connection with the tender offers for its outstanding GBP 400,000,000 4.000 per cent. Senior Notes due 2028 and EUR 600,000,000 7.000 per cent. Senior Unsecured Green Notes due 2029 and, should the Issuer consider it appropriate, the optional redemption of the Issuer's EUR 750,000,000 1.625 per cent. Senior Notes due 2027 via the make whole call option, all of which are Green Bonds, as well as to refinance or repay other debt and/or for general corporate purposes. As the Notes are intended to be issued as European Green Bonds, an amount equivalent to the net proceeds of the issuance of the Notes will be allocated by the Issuer in accordance with the EU Green Bond Regulation, the completed European Green Bond Factsheet and the Pre-Issuance Review Report related to the European Green Bond Factsheet. The factsheet is available on the Issuer’s website https://www.cpipg.com/en/sustainability.
• Joint Bookrunners: Citi, Erste Group, Raiffeisen Bank International, Santander (B&D) and Société Générale
• Clearing: Euroclear and Clearstream, Luxembourg
• Business Days: T2
• Listing / Governing Law: Euronext Dublin, Regulated Market / English law
• Documentation: EMTN Programme dated 06-May-26
• Marketing: Pre-recorded Investor Presentation
  URL: https://dealroadshow.finsight.com / Entry Code: CPIPG26
  Direct Link: https://dealroadshow.finsight.com/e/CPIPG26
• Selling Restrictions: Reg S, Compliance Category 2 and as stipulated in the Base Prospectus
• Stabilisation: Applicable
• MiFID II/UK MiFIR Product Governance / Target Market: MiFID II / UK MiFIR Target Market: eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) / CCI product summary has been prepared as not available to retail in the EEA or the UK.
• Advertisement: The Base Prospectus dated 06-May-26 is, and the Final Terms, when published will be, available on the websites of the Issuer (https://cpipg.com/bondholder-corner-en#tab-item-2) and Euronext Dublin (https://live.euronext.com/en/product/bonds-detail/25153/documents).
• Hedges: None
• Timing: Pricing shortly