Commentary & Deal Flow

California Buyer Limited & Atlantica Sustainable Infrastructure plc (AY) US$/EUR 144A/Reg S 7.25NC3 green sr notes 2-part. NR/BB-/BB- (NR/stable/stable). 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. Price talk: 6.50% area.

- 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. Price talk 5.75% area.

Min Denomination Clarification Per OM: EUR 100k v 1k / US 150k v 1k

Did investor call at 10am NYT 10/21. Books close at 10:30am NYT 10/23. Pricing 10/23. UOP: to finance the acquisition of Atlantica by Energy Capital Partners for $22.00 per share (approx. $2.55bn equity purchase price), refinance most of Atlantica's existing debt ($715m, consisting of $459m secured debt and $256m unssec debt), the $400m green sr notes will remain outstanding and enhanced with a collateral pledge. ECP will contribure $2bn in equity. Biz: a sustainable infrastructure company and a leader in renewable energy with a North American focused development pipeline. HQ Brentford, UK.