Neinor Homes’ €300 Million Green Bond Issuance

Vinson & Elkins LLP and Uría Menéndez advised Neinor Homes, S.A., while Baker McKenzie advised the Banks on the deal.

Neinor Homes, S.A. completed its green bond issuance of €300 million at 5.5 years maturity and a 4.5% cost, due 2026. The operation is the first green bond issuance from a European listed developer and has been fully supported by institutional investors. The bond was well received by investors, being +5x oversubscribed. Closing is expected to take place on 29 April 2021, subject to customary conditions for similar transactions.

The global coordinators of the transaction are Deutsche Bank and JP Morgan; with Santander and Credit Suisse acting as Bookrunners; and BBVA, CaixaBank and Natixis as Co-managers.

Based in Bilbao, Neinor Homes is a Real Estate developer.

The V&E team was led by partners Federico Fruhbeck (Picture) and Noel Hughes with assistance from partner Emilie Stewart, counsel Christianne Williams and Cason Moore, senior associate Matthew Lowe and associates Anu Akinbamidele, Chris Hesford and Olivia Espy Huntington. Partner Wendy Salinas, counsel Andrew Callaghan and associate Simrita Chadha provided tax advice.

Uría Menéndez advised Neinor with Madrid office partner Jaime Pereda, London office partner Blanca Arlabán and senior associate Álvaro López.

Baker McKenzie acted as legal advisor to the Banks with a Madrid office team formed by partners Enrique Carretero and Rossanna D’Onza, together with team leader Carlos Martín and associates Paloma Moreno de la Santa, Alberto Aires and Inés Colás, working closely with a Baker McKenzie London office team led by partners Haden Henderson and Nick O’Grady.

Involved fees earner: Alberto Aires – Baker McKenzie; Enrique Carretero – Baker McKenzie; Inés Colás Ybáñez – Baker McKenzie; Rossanna D’Onza – Baker McKenzie; Haden Henderson – Baker McKenzie; Carlos Martin – Baker McKenzie; Paloma Moreno de la Santa – Baker McKenzie; Nick O’Grady – Baker McKenzie; Blanca Arlabán Gabeiras – Uria Menendez; Álvaro López Hernández – Uria Menendez; Jaime Pereda Espeso – Uria Menendez; Anu Akinbamidele – Vinson & Elkins LLP; Andrew Callaghan – Vinson & Elkins LLP; Simrita Chadha – Vinson & Elkins LLP; Federico Fruhbeck – Vinson & Elkins LLP; Christopher Hesford – Vinson & Elkins LLP; Noel Hughes – Vinson & Elkins LLP; Matthew Lowe – Vinson & Elkins LLP; Cason Moore – Vinson & Elkins LLP; Emilie Stewart – Vinson & Elkins LLP; Wendy Trahan Salinas – Vinson & Elkins LLP; Christianne Williams – Vinson & Elkins LLP;

Law Firms: Baker McKenzie; Uria Menendez; Vinson & Elkins LLP;

Clients: BBVA Argentina (BBVA); CaixaBank; Credit Suisse; Deutsche Bank; JP Morgan; Natixis; Neinor Homes, S.A; Santander;

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Federica Tiefenthaler

Author: Federica Tiefenthaler