Commentary & Deal Flow

Atlantica Sustainable Infrastructure Group plc/Atlantica Sustainable Infrastructure Limited (AY) $285m 144A/Reg S add-on to its 6.375% green sr notes due 02/15/32 (6.25y). NC2 (11/15/27) (MWC T+50bp), then at 11/15/27 at 103.1875, 11/15/28 at 101.59375, 11/15/29 and thereafter at 100. Equity claw: 2y 40% at 106.375. Existing NR / B+/ BB- ( --/ stable/negative). Via Barc/GS/MS/MUFG/Santander/ING/Natixis/NBC/RBC/SMBC jt books. CoC at 101. Green structurers: ING lead, Barc co-structurer. No reg rights.  CoC at 101. Denoms 2kx1k. 144A CUSIP: 13005HAA8. Immediately 144A fungible (Reg S after 40 days) with the US$745m issue priced on 10/23/24. Settles T+7. IPT: 99.50 - 99.75.

Price talk: 99.75-100.00.

Did investor call 11am 11/03. Books close at 2pm 11/03. Pricing 11/03 afternoon. UOP: pay down revolver, fund a partial tender offer for $85m of its $400m 4.125% green sr sec due 06/15/28 ($990 total consideration, including $50m early tender payment, Barclays dealer manager), and GCP. Biz: a sustainable infrastructure company and a leader in renewable energy with a North American focused development pipeline. HQ Brentford, UK.