Commentary & Deal Flow

Priced: 5NC2: 7.50% at 98.980, yield 7.75%. B+490bp to DBR 0% 15-Feb-31
Price talk: 5NC2: 7.75%-8.00%
Revised IPTs: 5NC2: 8.00%-8.25%
IPTs: 5NC2: Low-Mid 8s

• Issuer: Audax Renovables, S.A.
• 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
• Corporate Ratings: BB- (Stable) / B+ (Stable) (S&P/Fitch)
• Instrument Ratings: BB- / BB- (S&P/Fitch)
• Total Size: €350m
• Currency: EUR
• Security: Senior Unsecured Notes
• Call: NC2, 50%, 25%, par
• Maturity: 22-May-31
• Coupon: 7.50%
• Offering Price: 98.980
• Yield to Maturity: 7.75%
• Benchmark: DBR 0% due 15-Feb-31
• Spread to Benchmark: 490bp
• Interest Payment Dates: Semi-annually in arrears on May 22 and November 22 of each year, commencing on 22-Nov-26
• First Call Date: 22-May-28
• Call Schedule:
• • 22-May-28: 103.750%
  • 22-May-29: 101.875%
  • 2030 and thereafter: 100%
• Use of Proceeds: Proceeds to be used, together with cash on balance sheet, to refinance existing debt comprising (i) €277m bond maturing in Dec-2027, (ii) €13m bond maturing in Jul-2028, (iii) €63m bond maturing in Nov-2028, (iv) €56m of existing promissory notes, and pay related transaction fees and expenses
• Governing Law: New York
• Distribution: Reg S / 144A for life
• Min Denoms: €100k x €1k
• Listing: Application will be made to list the Notes on the Official List of the Luxembourg Stock Exchange and to admit the Notes for trading on the Euro MTF market thereof the Luxembourg Stock Exchange
• 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
• Delivery: Euroclear / Clearstream
• ISIN:
• • 144A: XS3379667648
  • Reg S: XS3379667564
• Trade Date: 19-May-26
• Settlement Date: 22-May-26 (T+3)
• ToE: 19-May-26
• FTT: 08:00 UK, 20-May-26
• 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
• 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