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Advisory role taken on by our law firm for EnBW's €500 million green hybrid bond offering

Law firm advises EnBW Energie Baden-Württemberg AG on issuance of €500 million green hybrid bond. This bond, with an interest rate of 4.50% annually and a 30-year term, includes a first issuer call date on April 28, 2034. Classified as a subordinated form of financing, it has received a 50%...

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Legal counsel provided by our firm to EnBW regarding a €500 million emission-reducing bond issue.
Legal counsel provided by our firm to EnBW regarding a €500 million emission-reducing bond issue.

Advisory role taken on by our law firm for EnBW's €500 million green hybrid bond offering

White & Case Advises EnBW on €500 Million Green Hybrid Bond Issue

Global law firm White & Case LLP has advised EnBW Energie Baden-Württemberg AG on the issuance of a €500 million unsecured green hybrid bond. The bond, which bears an interest rate of 4.50% per annum, is a subordinated form of financing that received a 50% equity credit from rating agencies S&P and Moody's.

The bond, which has a term of 30 years, was admitted to trading on the regulated market of the Luxembourg Stock Exchange. The first issuer call date for the green hybrid bond is set for 28 April 2034.

The net proceeds from the bond issuance will be used to finance and/or refinance eligible green projects under EnBW’s Green Financing Framework. This move is expected to further strengthen EnBW's rating profile.

The White & Case team advising on the transaction was based in Frankfurt, led by partners Karsten Wöckener and Bodo Bender, with support from local partner Felix Biedermann, counsel Alexander Born, and associate Domenik Mack. The team's service areas include Capital Markets, Debt Finance, Western Europe, and Germany.

Dr. Bodo Bender specializes in Tax, Mergers & Acquisitions, and Financial Institutions. Dr. Felix Biedermann specializes in Capital Markets. Karsten Wöckener specializes in Debt Finance, Capital Markets, Fintech, Sustainability & Responsible Business, Financial Institutions, and Sports. Alexander Born specializes in Tax, Power, Energy, Mergers & Acquisitions, and Private Capital.

The purpose of this advice and transaction was to support EnBW in raising substantial capital through a green hybrid bond aimed at funding sustainable projects, enhancing their financial structure, and supporting their commitment to green financing goals. The green hybrid bond is a significant step forward in EnBW's efforts to promote sustainable finance and contribute to the global fight against climate change.

[1] Source: White & Case press release, 16 March 2023. [3] Source: EnBW press release, 16 March 2023.

  1. White & Case LLP, a global law firm, advised EnBW Energie Baden-Württemberg AG on a €500 million green hybrid bond, with services provided by partners Karsten Wöckener and Bodo Bender, local partner Felix Biedermann, counsel Alexander Born, and associate Domenik Mack.
  2. The transaction, which received a 50% equity credit from rating agencies S&P and Moody's, was in the service areas of Capital Markets, Debt Finance, Western Europe, and Germany.
  3. The net proceeds from the bond issuance will be used to finance and/or refinance eligible green projects under EnBW’s Green Financing Framework.
  4. Dr. Bodo Bender, one of the partners leading the transaction, specializes in Tax, Mergers & Acquisitions, and Financial Institutions.
  5. Dr. Felix Biedermann, a local partner involved in the transaction, specializes in Capital Markets.
  6. Karsten Wöckener, another partner leading the transaction, specializes in Debt Finance, Capital Markets, Fintech, Sustainability & Responsible Business, Financial Institutions, and Sports.
  7. Alexander Born, counsel on the transaction, specializes in Tax, Power, Energy, Mergers & Acquisitions, and Private Capital.

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