Global law firm White & Case LLP has advised EnBW Energie Baden-Württemberg AG (EnBW) on the issuance of two tranches of unsecured green hybrid bonds with an aggregate principal amount of €1 billion.
The first tranche has a principal amount of €500 million, bears interest of 3.625% per annum and has a term of 30 years, with a first issuer call date set for February 10, 2031. The second tranche has a principal amount of €500 million, bears interest of 4.500% per annum and has a term of 30 years, with a first issuer call date set for November 10, 2035.
The green hybrid bonds are a subordinated form of financing for which, due to their structure, rating agencies S&P and Moody's grant a 50 percent equity credit. This, in turn, contributes to further strengthening EnBW's rating profile. EnBW intends to use an amount equivalent to the net proceeds of the notes to finance and/or refinance eligible green projects in accordance with its Green Financing Framework.
The green hybrid bonds were admitted to trading on the regulated market of the Luxembourg Stock Exchange.
The White & Case team in Frankfurt which advised on the transaction included partners Karsten Wöckener and Bodo Bender, local partner Felix Biedermann, counsel Alexander Born and associates Darleen Stöckl and Domenik Mack.
Press contact
For more information please speak to your local media contact.
