Commentary & Deal Flow

+++Corrects maturity date: 12/30/27 (not 12/21/27). Call, interest pay dates are also the 30th). And adds ratings+++

Follow-up - priced Tuesday: Preem Holding AB (publ) EUR340m 144A/Reg S green sr notes due 06/30/27 (5y). NC2 (MWC B+50bp), then at 106.00, 103.00, 100. B3/B+ (stable/positive). Via Citi (B&D)/DB jt glocos/DNG/ICBC/Swedbank jt books. Citi green structuring agent. Semi pay. No reg rights. List Lux. NY law. Semi-pay 06/30, 12/30 starting 12/30/22. Trade date 06/14. Settles 06/21 (T+5). Reg S ISIN: XS2493887264. Priced: 12% at 96.00, yield 13.116%. +1,154bp vs DBR 6.50% 07/04/27. UOP: repay term loan. Preem intends to allocate an amount equal to the net proceeds raised by the offering, in accordance with the Preem Green Financing Framework, to eligible green projects, renewable raw materials and assets. Biz: The largest refining company in the Nordic region by production capacity with two technologically advanced refineries and a leading fuel distribution and retail network in Sweden. HQ: Stockholm, Sweden.

Preem engaged CICERO Shades of Green (“Cicero”) to act as an external verifier of the Preem Green Financing Framework and the eligible green projects and assets, and Cicero provided a Second Party Opinion in relation to the Preem Green Financing Framework. Cicero gave the Preem Green Financing Framework an overall CICERO Light Green shading and a governance score of "Good". The Preem Green Financing Framework and Cicero Second Party Opinion are available on www.preem.com.