White & Case advises consortium of banks on TenneT’s inaugural €2.6 billion subordinated hybrid EU Green Bonds issuance

Global law firm White & Case LLP has advised a consortium of banks on TenneT GmbH & Co. KG's (Tennet) inaugural €2.6 billion subordinated hybrid EU Green Bonds dual-tranche issuance.

The notes were issued in accordance with Regulation (EU) 2023/2631 of November 22, 2023, on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds. They were issued under TenneT's €35 billion Debt Issuance Programme.

The first tranche has a principal amount of €1.2 billion, a fixed interest rate of 3.250% per annum and a non-call period of 5.25 years. The second tranche has a principal amount of €1.4 billion, a fixed interest rate of 3.750% per annum and a non-call period of 8.5 years.

TenneT will apply an amount equal to the gross proceeds of the issuance of the notes to finance or refinance the project(s) described in TenneT's European Green Bond Factsheet dated April, 16 2026.

The notes of the two tranches were admitted to trading on the regulated market of the Luxembourg Stock Exchange.

The White & Case team in Frankfurt that advised on the transaction was led by partner Karsten Wöckener and included local partner Felix Biedermann, associate Domenik Mack and transaction lawyer Nejc Jereb.

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