Commentary & Deal Flow

Reoffer: 5yr: MS+170bp / 99.821 / 4.641%
Benchmark: 5yr: OBL 2.5% 16-Apr-31 @ B+183.8bp

Final Books: Above €1.8bn

Guidance: 5yr: MS+175a - Books in excess of €1.5bn
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
• Settlement: 28-May-26
• Maturity Date: 28-May-31
• Coupon: 4.6%, annual, act/act ICMA
• Call Options: 3-month par call, MWC B+30, tax changes call
• 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.
• Denominations: €100k x €1k
• ISIN: XS3338741567
• Bookrunners: GS (GC/B&D), LHV Pank
• Target Market: Eligible counterparties and professional clients only (all distribution channels).
• FTT: 4:40pm London