Commentary & Deal Flow

+++Corrects equity claw period: 2y (not 3y)+++

Price progression:

• • Priced: 5.50% at 100
  • Spread: 275.4bp
  • Benchmark: OBL 2.50% 16-APR-31
  • Final terms: €650m at 5.5%
  • Price talk: 5.5% area (+/- 12.5bp)
  • IPT: High 5s
• Issuer: Neoen Finco Plc
• Ticker: NEOEFI
• Size: €650m (up from €500m)
• Format: 144A/Reg S
• Security: 5.5% Senior Secured Green Notes due 2031 (5NC2)
• Corporate Ratings: BB- (Fitch, stable)
• Issue Ratings: BB+ (Fitch)
• Maturity: 15-Jun-2031 (5y)
• Optional Redemption: NC2 (MWC B+50bp)
• • From 15-Jun-2028: 102.75
  • From 15-Jun-2029: 101.375
  • From 15-Jun-2030: 100.000
• Equity claw: 2y 40% at 105.50
• Special call: 10% per year during the first 2 years at 103
• Coupon: 5.50%
• Price: 100
• Yield: 5.50%
• Spread: 275.4bp
• Benchmark: OBL 2.50% 16-APR-31
• Change of Control: 101 put
• Interest Payment Dates: June 15 and Dec 15, starting 15-Dec-26
• Day Count: 30/360
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Law: New York
• Joint Bookrunners: BNP Paribas (B&D, Left Lead), CACIB, MIZ, SG (Passive)
• Settlement: 18-Jun-26 (T+5)
• ISINs: Reg S XS3367626853; 144A XS336762158
• ToE: 14:35 UKT, 11 June 2026
• FTT: 15:15 UKT, 11 June 2026
• Marketing:
• • Global Investor Call: 10:15 UKT / 11:15 CET, 09-Jun-26
  • Small Group Meetings: 09-10-Jun-26
• Books closed: 11am UKT 11-Jun-26
• Recommitments were due: 1:15pm UKT 11-Jun-26
• UOP: 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. The €150m upsize will be used to refinance the bridge loan and GCP, no longer using €116m cash on hand.
• Equity sponsor: Brookfield Renewable Partners
• Biz: Leading renewable energy developer and producer.
• HQ: Paris, France
• 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
• DealRoadshow Link: https://dealroadshow.com/e/NEOENGIC26
• GIC Registration Link: https://evercall.co/oacc/33549