Commentary & Deal Flow

Reoffer: 2NC1: 3mE+100bp / 100.00

Guidance: 2NC1: 3mE+100bp

• Issuer: Grand City Properties S.A. (Ticker: GYCGR; Country: LU)
• Issuer LEI: 5299002QLUYKK2WBMB18
• Issuer Rating: BBB (stable) by S&P
• Expected Issue Rating: BBB by S&P
• Status / Form: Senior, Unsecured, Bearer form; the Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
• Settlement Date: 13-Oct-26 (T+4)
• Optional Redemption Date: 13-Oct-27
• Maturity Date: 13-Oct-28
• Size: €500m
• Reoffer: 100.00 / 3mE+100bps
• Coupon: Three-Month EURIBOR+1.00%, Quarterly, Act/360
• Minimum Coupon: 0.00%
• Optional Redemption: The Issuer may upon not less than 15 days' nor more than 60 days' prior notice of redemption given to the Paying Agent and to the Noteholders redeem with effect on the Optional Redemption Date at its option, the Notes in whole but not in part, at its Specified Denomination together with accrued but unpaid interest, if any, to (but excluding) the Optional Redemption Date.
• Docs: EMTN / Lux. Listing (regulated market) / English Law / €100k x 100k / Tax Call / CoC / Clean-up call: 80%
• Covenants: 1) Total Net Debt / Total Assets <= 60%;2) Secured Net Debt / Total Assets <= 45%;3) Unencumbered Assets / Unsecured Net Debt >= 125%;4) Consolidated Coverage Ratio >= 1.8x
• Use of Proceeds: To refinance and/or repay the Issuer’s existing debt and general corporate purposes.
• EU MiFID II / UK MiFIR Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• Selling Restrictions: As per the Euro Medium Term Note Programme
• Business Days: TARGET2
• Clearing: Clearstream/Euroclear
• Sole Bookrunner: Goldman Sachs International (B&D)
• Timing: Priced – TOE 12:53 LDN / 13:53 CET FTT: TBC subject to ISIN
• Advertisement: The Base Prospectus is available at https://www.luxse.com/programme/Programme-GraCityPropFin/14949 and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/). This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.