Global law firm White & Case LLP has advised EnBW Energie Baden-Württemberg AG (EnBW) on the issuance of a €500 million unsecured green hybrid bond.
The green hybrid bond bears interest of 4.50% per annum and has a term of 30 years, with a first issuer call date set for 28 April 2034.
The green hybrid bond is a subordinated form of financing which, due to its structure, rating agencies S&P and Moody's grant a 50% equity credit. This will further strengthen EnBW´s rating profile.
EnBW will 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 bond was admitted to trading on the regulated market of the Luxembourg Stock Exchange.
The White & Case team in Frankfurt which advised on the transaction was led by partners Karsten Wöckener and Bodo Bender, and included local partner Felix Biedermann, counsel Alexander Born and associate Domenik Mack.
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