Commentary & Deal Flow

Final terms: €650m at 5.50% (€150m upsize to refinance the bridge loan and GCP, no longer using €116m cash on hand)

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: 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 (€150m upsize to refinance the bridge loan and GCP, no longer using €116m cash on hand)
• Corporate Ratings: BB- (Fitch, stable)
• Issue Ratings: BB+ (Fitch)
• Amount: €650m (up from €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 closed at 11am UKT 11-Jun-26. Recommitments due by 1:15pm UKT 11-Jun-26. Pricing 11-Jun-26 UK afternoon