Global law firm White & Case LLP has advised a banking syndicate led by BNP Paribas, Crédit Agricole CIB and J.P. Morgan on EDF's issue of Green bonds convertible into new shares and/or exchangeable for existing shares (OCEANE) for a nominal amount of €2.4 billion.
The transaction is the largest convertible bond issue in Europe since 2003 and the largest green convertible bond issue ever.
Proceeds of the bonds will be allocated, directly or indirectly, to finance and/or refinance, in whole or in part, new or existing eligible projects as defined in EDF's Green Bond Framework.
No interest will be paid on the bonds, which were issued at price of €11.70, with a par value of €10.93, reflecting a conversion premium of 32.5 percent over the reference share price. The bonds were the subject of a private placement with institutional investors and were admitted to trading on the Euronext Access market of Euronext Paris. The French state, which holds 83 percent of EDF's capital, subscribed to 40 percent of this issue.
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert, and included partners Alexandre Ippolito and Max Turner and associates Boris Kreiss, Paul-Grégoire Longrois and Sarah Kouchad.
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