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Allen & Overy advises Enel on largest sustainability-linked transaction ever priced

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Tommasi Cristiano
Cristiano Tommasi

Partner

Rome

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Byrne Craig
Craig Byrne

Partner

Milan

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Sarah Capella

Senior Associate

Rome

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Carolina Gori

Associate

Rome

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Clarizia Elia Ferdinando
Elia Ferdinando Clarizia

Senior Associate

Milan

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Heeringa Jonathan
Jonathan Heeringa

Partner

Amsterdam

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Canepone Cristina
Cristina Canepone

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16 June 2021

Allen & Overy has advised Enel S.p.A. and Enel Finance International N.V. on a triple-tranche Euro 3.25 billion sustainability-linked bond, the largest sustainability-linked transaction ever priced in the fixed-income capital markets.

The firm further advised on 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. 

Cristiano Tommasi commented: “It was a great pleasure for us to work alongside Enel’s team on this milestone transaction which contributes to accelerating the company’s energy transition. It is also a testament of our proven track record in the area of green and sustainability-linked financial instruments”. 

The Allen & Overy team advising Enel S.p.A. is led by Cristiano Tommasi 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.