Commentary & Deal Flow

Limak Yenilenebilir Enerji A.S. (LIMYEN) exp B2/BB- (Moody's/Fitch) US$450m (no grow) 144A/Reg S 5.5nc2 senior unsecured, Amortizing, green bond due 8/12/30. MWC, tax changes call. 101 CoC. BofA/JPM ( JGCs)/ENBD joiont books. Standard HY Call: Callable from YR2 at par +50%; YR3 at par +25%; YR4 at par. UOP: Refinancing of existing debt and associated/transaction costs (~60% of issue size); funding of capital expenditures in relation to the Eligible Green Portfolio, as described in the Issuer’s Green Bond Framework (~40% of issue size). Green Bond Framework: https://www.limakrenewableener...; Roadshow: https://www.netroadshow.com/nrs/home/#!/?show=7122324f or https://www.netroadshow.com, entry code: Limak2025 (not case-sensitive). Pricing 2/5. Settle 2/12.

IPTs: 10% area.

GUIDANCE: 9.625%-9.75%.