White & Case advises Neste on €2.5 billion EMTN programme and subsequent issuance of €1 billion green bonds
1 min read
Global law firm White & Case LLP has advised Neste Corporation (Neste) on its €2.5 billion EMTN programme and the issuance thereunder of €500 million 3.875% green bonds due 2029 and €500 million 4.250% green bonds due March 16, 2033.
"The White & Case team supported Neste through every step of this transaction, which forms an integral part of its ambitious drive to be a leader in the green energy transition," said White & Case partner Mikko Hulkko, who co-led the Firm's deal team. "The deal showcases our market leading presence in the Nordic investment grade debt capital markets, as well as our expertise in ESG and sustainability-linked debt instruments."
BNP Paribas, Citigroup Global Markets, Danske Bank, ING and Nordea acted as joint lead managers on the green bonds, which represent Neste's debut issues under its €2.5 billion English law Euro Medium Term Note (EMTN) Programme, established in early March 2023 with Citigroup Global Markets as arranging bank.
White & Case partner Michael Bark-Jones, who co-led the Firm's team, said: "The success of this transaction demonstrates the ability of White & Case to guide Nordic issuers through the complexities of English law investment grade financings while addressing domestic law issues raised in relation to such transactions."
In parallel with the establishment and bond issues, White & Case advised on Neste's tender offer for up to €200 million of its outstanding Finnish law governed €400 million 1.50% notes due 2024. Nordea acted as dealer manager on the tender offer.
Listed on Nasdaq Helsinki, Neste is a Finland-based global producer of sustainable aviation fuel, renewable diesel and renewable feedstock solutions for various polymers and chemicals industry uses.
The White & Case team which advised on the transaction was led by partners Mikko Hulkko (Helsinki) and Michael Bark-Jones (Stockholm) and included associates Ben Tuiskula, Helen Happonen (both Helsinki) and Siavash Saberian (Stockholm).
For more information please speak to your local media contact.