Commentary & Deal Flow

Emerging Markets: Energo-Pro as US$300m 144A/Reg S sr gtd notes due 2028 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. NR/B+/BB- (--/CreditWatch developing/stable). Via GS/JPM (B&D) jt books. No reg rights. List Dublin. English law. Reg S ISIN: XS2706258352.

Px talk: 11%-11.25%.

Did investor call 10:30am UKT 10/25. Books close at 4:30pm UKT/11:30am NYT 10/26. Pricing 10/26. Run off the EM and HY desks in London. UOP: repay EUR300m bridge loan from JPM/GS incurred to fund the acquisition of Xallas Electricidad y Aleaciones SAU and Feroe Ventures & Investments SLU (Wester European based hydro generators) from Sixth Street. Biz: an electric Utility (generation and distribution) with operating companies in Bulgaria, Georgia, Turkey, and Spain. HQ: Prague, Czech Republic. (Acquisition announced 10/11/2023).