Press Release

White & Case Advises VERBUND AG on First Green Bond Issued by an Austrian Company

Global law firm White & Case LLP has advised the VERBUND AG, Austria's leading electricity company, on the first green bond issued by an Austrian business.

The €500 million bond, with a term of ten years and an annual interest rate of 1.5 percent, was placed with institutional investors by a syndicate of banks comprising Commerzbank, J.P. Morgan, Raiffeisen Bank International, Société Générale Corporate & Investment Banking and UniCredit Bank Austria AG. It is admitted for trading on both the regulated markets of both the Vienna and the Luxemburg stock exchanges.

The bond was oversubscribed several times and generated high demand, particularly from environmentally and socially responsible investors. The proceeds will be used, exclusively, for financing and refinancing energy efficiency measures in Austrian hydropower stations as well as renewable energy projects in Austria and Germany involving wind power. The deal therefore helps VERBUND follow its guiding principles of sustainability and environmental compatibility.

The White & Case team which advised on the transaction included partners Karsten Wöckener (Frankfurt) and Raymond Simon (New York), counsel Alexander Born (Frankfurt) and associates Cristina Freudenberger, Annekatrin Kutzbach and Georg Esser (all Frankfurt).

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