Commentary & Deal Flow

Mytilineos SA (MYTIL) EUR500m Reg S green sr notes due 10/30/26 (5.5y). NCL (MWC B+50bp) (6mo par call). NR/BB-/BB (--/stable/stable). Via BNP/Citi (B&D)/HSBC jt glocos and jt physical books/Alpha/CS/Eurobank/GS/JPM/MS/Natl Bank of Greece, Nomura, Piraeus jt books. HSBC green structuring advisor. List Lux. NY law. Settles 04/28 (T+4). ISIN: XS2337604479. IPT: mid 2%s. Px talk: 2.25%-2.50%.

Priced: 2.25% at 100. +285bp vs DBR 0.0% 08/15/26.

Roadshow started Mon. Did investor call at 11am UKT yesterday. Books closed at 12pm UKT today. UOP: to repay EUR300m 2005 bank loans, GCP, including green projects (EUR192m), fees and expenses. An amount equivalent to the net proceeds from the Notes will be used to finance or refinance, in whole or in part, Eligible Green Projects (including other related and supporting expenditures) in accordance with the Company’s Green Bond Framework. Biz: a leading global industrial and energy company. It is involved in power generation, electricity retail, construction of renewables (mostly solar plants and wind plants), aluminum production, infrastructure projects construction and concessions (primarily in Greece).HQ: Athens, Greece.