Commentary & Deal Flow

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California Buyer Limited & Atlantica Sustainable Infrastructure plc (AY) US$/EUR 144A/Reg S 7.25NC3 green sr notes 2-part. Via Barc (US lead)/GS (EUR lead)/ING/MS/MUFG/Santanter/NBG/Natixis/RBC/SMBC Nikko jt books. Green structurers: ING lead, Barc co-structurer. No reg rights. Settles T+10.

   - US$745m green sr notes due 2032 (7.25y). NC3 (MWC T+50bp) (par + 50% of coupon). Equity claw: 3y 40%. CoC at 101. IPT: mid-high 6s.

   - EUR500m green sr notes due 2032 (7.25y). NC3 (MWC B+50bp) (par + 50% of coupon). Equity claw: 3y 40%. CoC at 101. IPT high 5s-6.

Investor call at 10am NYT 10/21. Pricing 10/23. UOP: to finance the acquisition of Atlantica by Energy Capital Partners. Biz: a sustainable infrastructure company and a leader in renewable energy with a North American focused development pipeline. HQ Brentford, UK.