Plesner represents European Energy A/S on new hybrid green bonds

Plesner represents European Energy A/S on its issuance of new hybrid green bonds and concurrent written procedure to amend the terms and conditions of its existing senior secured green bonds.

Plesner is representing European Energy in connection with its issuance of EUR 75,000,000 callable subordinated green capital securities due 3020 (the "hybrid green bonds").

The hybrid green bonds were successfully priced on 9 September 2020 with an initial fixed coupon of 6.125% per annum. The hybrid green bonds will be subordinated to other indebtedness ranking in priority only to the company's share capital and certain subordinated shareholder funding. The hybrid green bonds will have a maturity of 1,000 years and will be non-callable for a period of three years from the issue date until the first call date. The net proceeds of the hybrid green bonds are intended to be used for purposes of financing or refinancing of eligible projects in accordance with European Energy's Green Bond Framework.

Concurrently with the new hybrid green bonds issuance, European Energy has also successfully completed a written procedure and related consent solicitation in respect of its outstanding EUR 200,000,000 senior secured callable floating rate green bonds due 2023 (the "senior secured green bonds"). Bondholders representing 98.35% of the adjusted nominal amount of the senior secured green bonds replied to the written procedure with 95.63% thereof voting in favour of the company's proposal to amend the terms and conditions so as to include a permission to issue subordinated debt instruments and other matters related thereto. Plesner is also advising European Energy on all aspects of the written procedure and related consent solicitation in respect of the senior secured green bonds.

Green and sustainable financing is a key focus for Plesner and we are pleased to represent European Energy on another successful green bond transaction.
 

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