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Thursday, February 22, 2024

Clifford advises managers on Abertis’ €600m SLB EMTN

Clifford Chance has advised Crédit Agricole CIB, J.P. Morgan and the other managers on the debut issuance by Abertis Infraestructuras of €600 million sustainability-linked notes, with the issuer counselled by Linklaters

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Abertis successfully completed its first issue of sustainable bonds – Sustainability-Linked Bonds (SLBs)- for a total of €600 million. Placed among qualified international investors and six times oversubscribed, the issue matures at 6.5 years and closed with a coupon of 4.125%. The funds will be allocated to general corporate uses.

Abertis thus becomes one of the first companies in its sector to successfully carry out this type of financial transaction linked to the fulfilment of its sustainability strategy. The success of this new operation shows Abertis’ capacity and leadership in financial innovation, which enable it to access the markets under attractive conditions and seize opportunities arising at any time.

Clifford Chance has advised Crédit Agricole CIB and J.P. Morgan and the other managers as to English and Spanish law in respect of the debut issuance of €600,000,000 sustainability-linked notes due 7 August 2029 under its Euro Medium Term Note programme.

Under the terms of the notes, Abertis has committed to achieving certain climate goals by 2027, including a reduction in direct and indirect carbon dioxide emissions and an increase in electric vehicle charge points. An inability to achieve its targets would require Abertis to increase the amount of interest payable on the notes.

The multijurisdictional Clifford Chance team was led by partner Antonio Henríquez, who was supported by counsel Alexander Tollast and associate Anna Buscaglia on the English Law workstream, together with partner Yolanda Azanza and senior associate Francisco Pizarro on the Spanish Law workstream.

Grupo Abertis was advised by Linklaters Spain.

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