ENEL Finance International N.V.’s $1.5 Billion SDG Linked Bond Offering

Cleary Gottlieb advised Enel, and Latham & Watkins advised the joint bookrunners in connection with Enel’s first sustainable bond.

Enel Finance International NV, the Group’s Dutch-registered finance company controlled by Enel S.p.A. (Enel), has launched a single-tranche “sustainable” bond for institutional investors on the US and international markets totalling 1.5 billion US dollars, equivalent to about 1.4 billion euros.

The transaction represents the first bond issuance to be linked to the achievement of a sustainable objective, part of the Group’s corporate strategy and in line with Enel’s commitment to achieving the Sustainable Development Goals (SDGs) of the United Nations.

The landmark issue, intended to meet the Company’s ordinary financing needs, is linked to the Group’s ability to achieve, by December 31st, 2021, a percentage of installed renewable generation capacity (on a consolidated basis) equal to or greater than 55% of total consolidated installed capacity. To ensure the transparency of the results, the achievement of that target (as of June 30th, 2019, the figure was already equal to 45.9%) will be certified by a specific assurance report issued by the auditor engaged for this purpose.

Latham & Watkins represented the Joint Bookrunners BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Société Générale in the transaction, with a cross border capital markets team led from Milan by partner Jeff Lawlis with associates Paolo Bernasconi, Giorgio Ignazzi, from New York by associates Aaron Franklin and Arielle Bardzell, and from London by partner Lene Malthasen and counsel James Baxter. Advice was also provided on Italian law matters by Milan partner Antonio Coletti with associates Marco Bonasso and Marta Carini, and on regulatory matters by Milan counsel Cesare Milani with associate Virginia List.

The Enel in-house legal team, including Francesca Romana Napolitano, Davide Giannetti and Alessandra Bellani, advised the company with Cleary Gottlieb.

Cleary Gottlieb advised Enel with a team composed by Pietro Fioruzzi, Carlo de Vito Piscicelli (Picture), Nicole Puppieni, Roberto Storlazzi ed Edoardo Filiberto Roversi a Milano e Roma, Ward Greenberg, Yoseph Choi e Zeze Ikhinmwin a Francoforte.

Involved fees earner: Yoseph Choi – Cleary Gottlieb Steen & Hamilton; Carlo de Vito Piscicelli – Cleary Gottlieb Steen & Hamilton; Pietro Fioruzzi – Cleary Gottlieb Steen & Hamilton; Ward Greenberg – Cleary Gottlieb Steen & Hamilton; Zeze Ikhinmwin – Cleary Gottlieb Steen & Hamilton; Nicole Puppieni – Cleary Gottlieb Steen & Hamilton; Edoardo Filiberto Roversi – Cleary Gottlieb Steen & Hamilton; Roberto Storlazzi – Cleary Gottlieb Steen & Hamilton; Arielle Barzell – Latham & Watkins; James Baxter – Latham & Watkins; Paolo Bernasconi – Latham & Watkins; Marco Bonasso – Latham & Watkins; Marta Carini – Latham & Watkins; Antonio Coletti – Latham & Watkins; Aaron Franklin – Latham & Watkins; Giorgio Ignazzi – Latham & Watkins; Jeff Lawlis – Latham & Watkins; Virginia List – Latham & Watkins; Lene Malthasen – Latham & Watkins; Cesare Milani – Latham & Watkins;

Law Firms: Cleary Gottlieb Steen & Hamilton; Latham & Watkins;

Clients: Bank of America Securities; BNP Paribas Securities; Citigroup Global Markets Ltd; Credit Agricole Securities (USA) Inc.; Enel Finance International; Goldman Sachs & Co.; JP Morgan Securities; Morgan Stanley; Société Générale;

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