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Allen & Overy advises on the new EUR500m sustainability-linked bond issued by A2A

Allen & Overy has advised the global coordinators and joint bookrunners on the EUR500 million sustainability-linked bond issued by A2A S.p.A. with 6 years maturity and a fixed coupon at 1,500%. The new transaction received a strong investor response, the total order book amounted to €3.5bn, implying an oversubscription ratio of 7x.

The bond has been issued under the A2A Euro Medium Term Notes Programme and the notes will be listed on the Luxembourg Stock Exchange.

A2A’s bond is linked to the achievement of a specific sustainability performance target related to the renewable energy capacity installation. This target, which is also included in the recently updated A2A 10-year strategic plan, commits A2A to reaching an installed capacity of 3.0 GWh (or higher) by 2024.

Allen & Overy’s team led by partners Cristiano Tommasi and Craig Byrne, with counsel Alessandra Pala, supported by associate Carolina Gori and trainee  advised the financial institutions - Citigroup and Mediobanca as global coordinators and  BBVA, BNP Paribas, Citigroup, Crédit Agricole CIB, IMI-Intesa Sanpaolo, JP Morgan, Mediobanca, Santander, Société Générale and UniCredit as joint bookrunners. Senior associate Elia Ferdinando Clarizia together with associate Lino Ziliotti advised for tax aspects.