Czech Gas Networks Investments’ EUR500 Million Green Bonds Offer

Allen & Overy advised Czech Gas Networks Investments S.à r.l on the deal. Clifford Chance advised the joint bookrunners.

Czech Gas Networks Investments issued EUR500m green notes with investors on international capital markets (the Green Notes).

The Green Notes, rated BBB+ by both S&P and Fitch, have been listed on the Global Exchange Market of the Irish Stock Exchange plc trading as Euronext Dublin. The proceeds from the issuance will be used exclusively for financing or refinancing of new or existing eligible projects under the CGNI’s Green Finance Framework.

CGNI, which is owned by a consortium of long-term infrastructure investors, holds 100% of the share capital of Czech Grid Holding, a.s., which in turn fully controls two core Czech businesses, operated by its subsidiaries: GasNet, s.r.o. (being the main distributor of natural gas in the Czech Republic) and GasNet Slu?y, s.r.o. The introduction of Green Finance Framework and successful issuance of the Green Notes confirms CGNI’s commitment to sustainable development of the gas distribution industry.

Work on the transaction was managed by A&O Prague with the team being led by partner Petr Vybíral (Picture) including senior associate Jana Chwaszcz and junior lawyer Denisa Jonášová. The Luxembourg law aspects were handled by partner, Paul Peporte, together with associate Ruslana Hrischeva.

Clifford Chance advised the joint bookrunners Citigroup Global Markets Limited, ING Bank N.V., Societe Generale, and UniCredit Bank AG.

Involved fees earner: Jana Chwaszcz – Allen & Overy; Ruslana Hrischeva – Allen & Overy; Denisa Jonasova – Allen & Overy; Paul Péporté – Allen & Overy; Petr Vybíral – Allen & Overy;

Law Firms: Allen & Overy;

Clients: Czech Gas Networks Investments;

Author: Giulia Di Palma