Commentary & Deal Flow

Reoffer: 6yr: 6.000% / 99.385
Benchmark: 6yr: DBR 1.7 15-Aug-32 @ 92.25 / B+285bp

6yr: Final books >€1.2bn at reoffer. Peak book above €1.2bn (pre-rec)

Launched: 6yr: €500m @ 6% - Books above €1.2bn (pre-rec)
IPTs: 6yr: 6.25%a

• Issuer: New Immo Holding
• Ticker: NIMMOH
• Country: FR
• Issuer LEI: 5493007LOTJ0I8E94R81
• Issuer Rating: Ba1 stable outlook by Moody's
• Expected Rating of the Notes: Ba1 by Moody's
• Format: Senior Unsecured / Reg S (Category 2) / Bearer / Dematerialised
• Pricing Date: 2-Sep-26
• Settlement Date: 10-Sep-26 (T+6)
• Maturity Date: 10-Sep-32 (6-year Fixed)
• Size: €500m
• Final reoffer yield: 6.000%
• 6yr MidSwap: 3,298%
• Spread vs MS: +270,2
• Reoffer price: 99,385%
• Benchmark: +285 vs DBR 1.7 15-Aug-32 (price 92.25)
• MWC: B+45bps
• Coupon: 5.875%, Annual, Act/Act ICMA
• Denoms: €100k+100k
• Documentation: EMTN Programme / Luxembourg Stock Exchange / French law / 100k+100k / CoC / MWC / 3mPC / Clean-Up Call (75%)
• Covenants: Financial Covenants: LTV ratio ≤ 50% & ICR ratio ≥ 1.8x, suspension of Financial Covenants if no event of default exists and NIH is rated Baa1 stable or above by Moody's Secured Borrowing Covenants: Secured debt ratio ≤ 20%
• Use of Proceeds: The net proceeds will be used by the issuer for general corporate purposes, including the financing of the concurrent tender offer of the €750m 5.875 % 2028 notes (FR001400PIA0) and €650m 4.875% 2028 notes (FR001400EHH1)
• Global Coordinators: Crédit Agricole CIB (B&D), La Banque Postale, Société Générale
• Active Bookrunners: CIC CIB, Crédit Agricole CIB, La Banque Postale, Natixis, Société Générale
• ISIN: FR001401ART1
• Common Code: 349880792
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Selling Restrictions: As per EMTN Programme
• Advertisement: The Base Prospectus (dated 31-Oct-25), as supplemented on 25-Mar-26 & 25-Aug-26, is available on the websites of the Luxembourg Stock Exchange (www.luxse.com) and of the Issuer (https://newimmoholding.com/en/) and the Final Terms when published will be available on the websites of the Luxembourg Stock Exchange (www.luxse.com) and of the Issuer (https://newimmoholding.com/en/)
• Timing: TOE: 16.08 / FTT: 16.30 UKT