Allen & Overy advised Enel S.p.A. and Enel Finance International N.V. on the deal.
The transaction involved the offering of a triple-tranche Euro 3.25 billion sustainability-linked bond and a non-binding voluntary tender offer for the repurchase of four outstanding series of conventional bonds for a target maximum aggregate amount of 1 billion euros launched at the same time.
The bond is linked to the achievement of one of Enel’s sustainable objectives and it is in line with the Group’s Sustainability-Linked Financing Framework. The issue is expected to be listed on the Euronext Dublin regulated market and is structured in three tranches. The interest rate is subject to achievement of a Sustainability Performance Target (“SPT”) and if the SPT is not achieved, a step-up mechanism will be applied.
Enel Finance International N.V. has also launched a tender offer to repurchase, and subsequently cancel, for a target maximum aggregate amount of 1 billion euros, four outstanding series of conventional bonds further accelerating the achievement of the Group’s targets of sustainable finance sources on Group’s total gross debt.
The Allen & Overy team advising Enel S.p.A. is led by Cristiano Tommasi (Picture) and Craig Byrne, co-heads of International Capital Markets practice in Italy, supported by senior associate Sarah Capella and associate Carolina Gori, with senior associate Elia Ferdinando Clarizia on tax aspects. A team coordinated by partner Jonathan Heeringa in Amsterdam has advised Enel Finance International N.V on the Dutch law aspects.
Involved fees earner: Craig Byrne – Allen & Overy; Sarah Capella – Allen & Overy; Elia Ferdinando Clarizia – Allen & Overy; Carolina Gori – Allen & Overy; Jonathan Heeringa – Allen & Overy; Cristiano Tommasi – Allen & Overy;
Law Firms: Allen & Overy;