Commentary & Deal Flow

Price talk: 5.50% area (+/- 12.5bp)

IPT: high 5s

• Issuer: Neoen Finco Plc (NEOEFI)
• Business: Leading renewable energy developer and producer. HQ: Paris, France
• Equity Sponsor: Brookfield Renewable Partners
• Use of Proceeds: along with EUR116m cash on hand, to refinance the existing EUR600m Bridge Term Loan that was incurred to fund the acquisition of Neoen by Brookfield Renewable Partners. and pay related transaction costs, fees and expenses
• Corporate Ratings: BB- (Fitch, stable)
• Issue Ratings: BB+ (Fitch)
• Amount: €500m
• Instrument: Green Senior Secured Notes
• Tenor: 5 Years
• Call Protection: NC2 (50%, 25%, PAR) (MWC B+50bp), then 50%, 25%, par. Equity claw: 3y 40%. Special call: 10% per year the 1st 2 years at 103.
• Change of Control: PUT @ 101
• Format: 144A/Reg S
• Day Count: 30/360
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York
• Joint Bookrunners: BNP Paribas (B&D, Left Lead), CACIB, MIZ, SG (Passive)
• Equity sponsor: Brookfield Renewable Partners
• Target Market: No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Marketing: Global Investor Call 10:15 UKT / 11:15 CET, 09-Jun-26. Small Group Meetings 09-10-Jun-26.
• DealRoadshow Link: https://dealroadshow.com/e/NEOENGIC26
• GIC Registration Link: https://evercall.co/oacc/33549
• Timing: Books close at 11am UKT 11-Jun-26. Pricing 11-Jun-26 afternoon