Commentary & Deal Flow

California Buyer Limited & Atlantica Sustainable Infrastructure plc (AY) US$/EUR 144A/Reg S 7.25NC3 green sr notes 2-part. NR/BB-/BB- (NR/stable/stable). Via Barc (US lead, B&D)/GS (EUR lead, B&D)/ING/MS/MUFG/NBG/Natixis/RBC/Santanter (US$ only)/SMBC Nikko jt books. Green structurers: ING lead, Barc co-structurer. No reg rights. Settles 11/06 (T+10 US, T+9 Europe).

- US$745m green sr notes due 02/15/32 (7.25y). NC3 (11/15/27) (MWC T+50bp), then at 103.1875, 101.59375, 100. Equity claw: 3y 40% at 106.375. CoC at 101. Pays Feb 15 and Aug 15, starting 08/15/25. Min Denominations: US 150k v 1k. 144A CUSIP: 13005HAA8. IPT: mid-high 6s. Price talk: 6.50% area. Priced: 6.375% at 100. +220bp vs 1.875% 02/15/32.

- EUR500m green sr notes due 02/15/32 (7.25y). NC3 (11/15/27) (MWC B+50bp), then at 102.8125, 101.40625, 100. Equity claw: 3y 40% at 105.625. CoC at 101. Min Denominations: EUR 100k v 1k. Reg S ISIN: XS29299141925. IPT high 5s-6. Price talk 5.75% area. Priced: 5.625% at 100. +347bp vs DBR 0% 02/15/32.

Did investor call at 10am NYT 10/21. Books closed at 10:30am NYT 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.