Commentary & Deal Flow

Emerging Markets: ENERGO-PRO a.s. (ENGPRO), a leading hydropower generator and electricity distributor headquartered in the Czech Republic and with a rating of B+ (Stable Outlook) by S&P and BB- (Negative Outlook) by Fitch, has mandated Citi, Goldman Sachs Bank Europe SE and J.P. Morgan as Joint Bookrunners and Joint Lead Managers to arrange a series of fixed income investor calls commencing today. An offering of EUR400mn senior unsecured Rule 144A / RegS guaranteed 5-year (NC2) green notes will follow, subject to market conditions. The proceeds of the offering will be used for the payment of the EUR250m purchase price for the acquisition of 100% of Baixo Iguaçu HPP in Brazil and to partially repay the Company’s existing USD435 million 8.50% Guaranteed Notes due 2027. FCA/ICMA stabilization applies. An amount equivalent to the net proceeds will be allocated to financing or refinancing, in part or in full, eligible green projects in accordance with the use of proceeds criteria and selection process described in ENERGO-PRO’s Green Financing Framework (August 2024). Biz: an electric Utility (generation and distribution) with operating companies in Bulgaria, Georgia, Turkey, and Spain. HQ: Prague, Czechia. (Acquisition announced 03/25/25).