Commentary & Deal Flow

Books in excess of €1.5bn
Guidance: 5yr: MS+175a

IPTs: 5yr: MS+200a

• Issuer: Eesti Energia AS
• Ticker: ESTONE
• Expected Issue Ratings: Baa3/BBB- (Moody's/S&P)
• Format: Reg S, Bearer, Senior Unsecured, Green Bond
• Size: €300m (WNG)
• Maturity Date: 28-May-31
• Guidance: MS+175bp area
• Coupon: Annual, act/act ICMA
• Make-Whole Call: Yes
• Use of Proceeds: The Issuer intends to apply an amount equivalent to the net proceeds of the issue of the Notes to finance and/or refinance in whole or in part, new or existing Eligible Green Projects.
• Settlement: 28-May-26
• Denominations: €100k x €1k
• ISIN: XS3338741567
• Bookrunners: GS (GC), LHV Pank
• Target Market: Eligible counterparties and professional clients only (all distribution channels).