Commentary & Deal Flow

In the Nordic market: European Energy A/S (EPNENG) EUR300m (up from EUR250m) floating rate sr unsec green bonds due 09/15/25 (4y). NC2 (MWC), then month 24-30: 100% nominal + 50% margin. Month 30-36: 100% nominal + 37.5% margin. Month 36-42: 100% nominal + 25% margin. Month 42-45: 100% nominal + 12.5% margin. After 45 Months: Par call. Not rated. Via Danske/DNB/Nordea (B&D) jt books. Floats/pay quarterly (act/360). Danish law. List Nasdaq Copenhagen (within 3 months after issue date). Settles 09/16 (T+11). IPT: 3mE+400-425bp (0% Euribor floor). Revised guidance: +375-400bp (WPIR) (books exceeding EUR350m at revised range, excluding JLMs).

Final terms: EUR300m at 3mE+375bp (books approaching EUR400m at reoffer excluding JLMs).

Books closed at 1pm CEST today. Pricing today. UOP: Financing or refinancing of Eligible projects in accordance with the Issuer's Green Finance Framework, including funding the tender offer for its EUR200m Senior Secured callable floating rate green bonds (ISIN: DK0030448238) (tender price 102.68, Danske/DNB/Nordea dealer managers). Biz: European Energy develops, finances, constructs and operates wind and solar farms as well as large-scale PtX plants. HQ: Copenhagen, Denmark.