Enel’s $4 Billion Sustainability-Linked Notes Offering

Orrick advised Enel Finance International, while Latham & Watkins advised the joint bookrunners in the offering.

Enel Finance International N.V. (EFI), the Dutch-registered finance company controlled by Enel S.p.A. (Enel), has issued a multi-tranche Sustainability-Linked bond to institutional investors in the US and international markets totalling US$4 billion, equivalent to approximately €3.4 billion.

The issue, which follows the previous ground-breaking €3.25 billion EFI Sustainability-Linked bond priced last June, represents the largest Sustainability-Linked transaction ever priced in the fixed-income capital markets as well as the largest sustainable finance fixed-income transaction to date this year by a corporate issuer.

The bond is linked to the achievement of Enel’s sustainable objective related to the reduction of Direct Greenhouse Gas Emissions, contributing to the United Nations Sustainable Development Goal 13 and in line with the Group’s Sustainability-Linked Financing Framework.

Latham & Watkins advised Barclays, BNP Paribas, Bank of America, Citigroup, Credit Agricole, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Mizuho, Morgan Stanley, Société Générale, and SMBC Nikko as joint bookrunners in the transaction with a Milan US capital markets team led by partner Jeff Lawlis with associates Chiara Coppotelli and Pierfrancesco Benedetti. Advice was also provided on UK law matters by London partner Manoj Tulsiani with associates Amina Tsatiashvili and Clive Wong, on Italian law matters by Milan partner Antonio Coletti with associate Guido Bartolomei, on regulatory matters by Milan counsel Cesare Milani, Irene Terenghi, and on Spanish law matters by Madrid associate Ori Assa and Spanish regulatory matters by associate Leticia Sitges.

Enel’s Financial Legal Affairs in-house team was led by Francesca Romana Napolitano and included Simona Florio, Marica Minnucci, and Marianna Dolcetti.

The Orrick team advising Enel Finance International included partners Patrizio Messina, Alessandro Accrocca, Sushila Nayak, Madeleine Horrocks, and lawyers James Jirtle, Serena Mussoni, Caterina Volontè, Edoardo Minnetti, Daniele Consolo, and Dario Cidoni.

Involved fees earner: Ori Assa – Latham & Watkins; Guido Bartolomei – Latham & Watkins; Pierfrancesco Benedetti – Latham & Watkins; Antonio Coletti – Latham & Watkins; Chiara Coppotelli – Latham & Watkins; Jeffrey Lawlis – Latham & Watkins; Cesare Milani – Latham & Watkins; Mattia Siena – Latham & Watkins; Leticia Sitges – Latham & Watkins; Irene Terenghi – Latham & Watkins; Amina Tsatiashvili – Latham & Watkins; Manoj Tulsiani – Latham & Watkins; Clive Siu Yin Wong – Latham & Watkins; Alessandro Accrocca – Orrick Herrington & Sutcliffe LLP; Dario Cidoni – Orrick Herrington & Sutcliffe LLP; Daniele Consolo – Orrick Herrington & Sutcliffe LLP; Madeleine Horrocks – Orrick Herrington & Sutcliffe LLP; James Jirtle – Orrick Herrington & Sutcliffe LLP; Patrizio Messina – Orrick Herrington & Sutcliffe LLP; Edoardo Minnetti – Orrick Herrington & Sutcliffe LLP; Serena Mussoni – Orrick Herrington & Sutcliffe LLP; Sushila Nayak – Orrick Herrington & Sutcliffe LLP; Caterina Volonté – Orrick Herrington & Sutcliffe LLP;

Law Firms: Latham & Watkins; Orrick Herrington & Sutcliffe LLP;

Clients: Bank of America; Barclays Bank; BNP Paribas; Citigroup Global Markets Ltd; Credit Agricole; Credit Suisse; Enel Finance International; Goldman Sachs; HSBC; JP Morgan; Mizuho; Morgan Stanley; Smbc Nikko Capital Markets Limited; Société Générale;

Read the full article on Global Legal Chronicle Italia