Sullivan & Cromwell LLP Logo
  • Home
  • Lawyers
  • Practices
  • Insights
  • About
  • Careers
  • Alumni
  • Client
© 2023 Sullivan & Cromwell LLP
    Home /  About /  News And Events /  Client Highlights
    Client Highlights

    S&C Advises France’s EDF on Largest Green Convertible Bond

    • Our Lawyers
    • Related Practices
    September 16, 2020

    France’s EDF SA, a global leader in low-carbon energy production, completed its inaugural landmark offering of green convertible bonds. The issuance, totaling approximately €2.4 billion, was the largest green convertible bond ever issued, the largest green bond issued by a European company, and the largest non-mandatory convertible bond issued in Europe since 2003.
     
    As a core component of its Cap 2030 strategy, EDF has set itself the goal in 2015 of doubling its net installed renewables capacity to more than 50GW in 2030. With this offering, EDF reaffirmed its ambitions in renewable energy and its commitment “to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development” as stated in its raison d’être.
     
    The offering consisted of four-year, senior unsecured bonds convertible into new shares and/or exchangeable for existing shares of EDF. An amount equal to the net proceeds of the offering will be allocated to the financing and/or refinancing of new and/or existing eligible projects under EDF’s Green Bond Framework.
     
    This issuance follows a general trend in the European convertible bond market, which has been relatively resistant to the COVID-19 crisis. Issuance volumes in Europe have more than doubled since 2019.
     
    The Paris-based S&C team advising EDF is led by Olivier de Vilmorin, and includes associates Alexis Raguet, Camille Le Dantec and Morgane Praindhui De Beys. Nicolas de Boynes advised on French tax matters, along with associate Alexis Madec.

    Read More
    Stay Updated

    Subscribe to stay current on S&C Insights.

    Our Lawyers

    Our Lawyers

    Nicolas de Boynes Headshot Photo
    Nicolas de Boynes
    Paris
    +33-1-73-04-10-00
    Email
    vCard
    Olivier de Vilmorin Headshot Photo
    Olivier de Vilmorin
    Paris
    +33-1-73-04-10-00
    Email
    vCard
    Read More

    Related Practices

    • Capital Markets
    • Energy Transition
    • Europe
    • Power & Utilities
    • Tax
    Sullivan & Cromwell LLP Logo
    • Twitter icon
    • LinkedIn icon
    • RSS Feed icon
    • Podcasts icon
    • Home
    • Contact Us
    • Sitemap
    • Information Policy Relating to Cookies
    • Privacy Policy
    • California Privacy Policy
    • Website Notice
    • Attorney Advertising Notice
    © 2023 Sullivan & Cromwell LLP