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Commentary & Deal Flow

FINAL TERMS: Net Zero Properties EUR500m (down from EUR550m) sr unsec notes

HYC European Market: Deal Flow - General

Ticker

Security

IPT

Final Terms

NZPNZP

Senior Unsecured Notes due 2030

5.75% area

6% (OID ~97.4)

  • Price Progression:
    • Final terms: 6% (OID ~97.4)
    • IPT: 5.75% area
  • Issuer: Net Zero Properties S.à r.l.
  • Ticker: NZPNZP
  • Size: EUR500m (down from EUR550m WNG)
  • Format: Reg S, Bearer, Green Bond (New Global Note)
  • Security: Senior Unsecured Notes due 2030
  • Expected Issue Ratings: BB+ (positive) by Fitch
  • Maturity: 23-September-2030 (4y)
  • Optional Redemption: MWC, 3m Par Call, Tax Call, Clean-up Call (80%)
  • Change of Control: CoC
  • Denominations: 100kx100k
  • Reg S ISIN: XS3487810734
  • Listing: Euro MTF Market of the Luxembourg Stock Exchange
  • Law: German
  • Joint Global Coordinator / Joint Bookrunner and Sustainability Structurer: Citigroup, Goldman Sachs International (B&D)
  • Settles: 23-September-2026
  • Trade Date: 09-September-2026
  • UOP: Acquisition financing (Sapphire portfolio EUR300m) and general capital expenditure (EUR53m cash on hand), repayment of existing junior debt (EUR172m) and payment of transaction-related costs. The issuer intends to apply an amount equal to the net proceeds from the issuance of the Notes to finance or refinance Eligible Green Projects as per their Sustainable Finance Framework.
  • Equity sponsor: Attegia Holding (Dr Ingo Krocke)
  • Biz: A privately owned, fully integrated German residential real estate platform with a portfolio of residential properties located in Western and Northern Germany.
  • HQ: Luxembourg
    Marketing:
  • Investor Call: Did a series of fixed income investor calls starting on 07-Sep-26
  • Books closed: Allocations and pricing to follow (books above EUR500m)
  • NetRoadshow: URL: www.netroadshow.com, Entry Code: NZP2026, Direct Link: www.netroadshow.com/nrs/home/#!/?show=e87fd577