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Latham & Watkins Advises the Joint Bookrunners in Connection with Enel’s First Sustainable Bond

September 12, 2019
Transaction represents the world’s first bond issuance to be linked with a sustainable objective.

Enel Finance International NV, the Group’s Dutch-registered finance company controlled by Enel S.p.A. (Enel), has launched a single-tranche “sustainable” bond for institutional investors on the US and international markets totalling 1.5 billion US dollars, equivalent to about 1.4 billion euros. The transaction represents the first bond issuance to be linked to the achievement of a sustainable objective, part of the Group’s corporate strategy and in line with Enel’s commitment to achieving the Sustainable Development Goals (SDGs) of the United Nations. 

The landmark issue, intended to meet the Company’s ordinary financing needs, is linked to the Group’s ability to achieve, by December 31, 2021, a percentage of installed renewable generation capacity (on a consolidated basis) equal to or greater than 55% of total consolidated installed capacity. To ensure the transparency of the results, the achievement of that target (as of June 30, 2019, the figure was already equal to 45.9%) will be certified by a specific assurance report issued by the auditor engaged for this purpose. 

Latham & Watkins represents the Joint Bookrunners BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Société Générale in the transaction, with a cross border capital markets team led from Milan by partner Jeff Lawlis with associates Paolo Bernasconi, Giorgio Ignazzi, from New York by associates Aaron Franklin and Arielle Bardzell, and from London by partner Lene Malthasen and counsel James Baxter. Advice was also provided on Italian law matters by Milan partner Antonio Coletti with associates Marco Bonasso and Marta Carini, and on regulatory matters by Milan counsel Cesare Milani with associate Virginia List.