White & Case Advises Banking Syndicate on Neoen's First European Green Convertible Bonds

Press Release
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Global law firm White & Case LLP has advised a banking syndicate led by Goldman Sachs International and Société Générale on Neoen's issue of Green bonds convertible into new shares and/or exchangeable for existing shares (OCEANE) for a nominal amount of €170 million. 

This is the first-ever issue of Green convertible bonds in Europe.

Proceeds of the convertible bonds will be allocated to finance or refinance renewable energy production (solar PV, wind power) or storage projects, consistent with EU taxonomy requirements and with the Green bond framework published by Neoen and released on May 27, 2020. 

The nominal unit value of the bonds has been set at €46.20, corresponding to a premium of 40 percent above the reference share price. The bonds were issued at par and will bear interest of 2.0% from the issue date, June 2, 2020.  They were offered by way of a private placement to institutional investors and will be admitted to trading on the Euronext Access market of Euronext Paris.

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 Petya Georgieva, Guillaume Keusch and Sarah Kouchad.

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