Commentary & Deal Flow

Price talk: 7.75%-8.00%

Revised IPTs: 5NC2: 8.00%-8.25%

IPTs: 5NC2: low-to-mid 8s

• Issuer: Audax Renovables, SA
• Ticker: ADXSM
• Business: Pan-European leading independent multi-utility company listed on Madrid and Barcelona Stock Exchanges (ticker: ADX). The Company operates a power and gas supply business in Europe complemented by a renewable power generation business combining solar photovoltaic and onshore wind assets. HQ: Barcelona, Spain
• Ratings: Corporate: BB-/B+ (stable/stable) (S&P/Fitch), Issue: BB-/BB- (S&P/Fitch)
• Ranking: Senior Unsecured Notes
• Format: Reg S / 144A, no reg rights
• Size: €350,000,000
• Tenor: 5 years
• Call Protection: NC2 (50%, 25%, Par), MWC, Equity claw: 2y 40%.
• CoC: 101
• Price talk: 7.75%-8.00%
• Revised IPTs: 8.00%-8.25%
• IPTs: Low to mid 8%
• Use Of Proceeds: together with ER65.7m cash on balance sheet, to refinance existing debt comprising (i) €277m 4.20% sr notes duue 12/18/27, (ii) €13m 5.80% sr notes due 07/17/28, (iii) €63m 5.85% sr notes due 11/17/28, (iv) €56m of existing promissory notes, and pay related transaction fees and expenses
• Bond Listing: Application will be made to list the Notes on the Official List of the LuxSE and to admit the Notes to trading on the Euro MTF Market
• Governing Law: New York
• Denominations: €100k x €1k
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas, Goldman Sachs Bank Europe SE (B&D)
• Joint Passive Bookrunners: ABN Amro, HSBC, Santander
• Co-Manager: Banca March
• Majority shareholder: Francisco Jose Elias Navarro, Chairman and Executive Director of Audax (72.5%)
• Marketing: Global Investor Call: 11:30 UKT / 12:30 CET today 14-May. Small Group Meetings starting today until 18-May.
• GIC Registration: https://evercall.co/oacc/54936
• Dealroadshow: https://dealroadshow.com/e/AUDAXGIC26
• Books close: 4pm UKT 19-May
• Timing: pricing 19-May UK late afternoon
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPS / UK PRIIPS Key Information Document (KID) or CCI product summary has been prepared as not available to retail in EEA or the UK