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Clifford Chance and A&O Advise on EIB Agreements with Energa Regarding Hybrid Bond Issuance

Clifford Chance and A&O Advise on EIB Agreements with Energa Regarding Hybrid Bond Issuance

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Clifford Chance has advised the European Investment Bank on its September 4, 2017 entrance into a project agreement and a subscription agreement with Energa S.A. providing the basis for the issue of EUR 250 million hybrid bonds. Allen & Overy advised Energa on the deal.

According to Clifford Chance, "the purpose of the financing is the implementation of the investment program in the energy distribution segment, including modernization and expansion of the distribution assets of the Energa Group in 2017-2019. The bonds are unsubordinated, unsecured, coupon bearer securities, which will be subscribed for by the EIB as part of the European Fund for Strategic Investments initiative, launched by the EIB jointly with the European Commission for the purpose of implementing the so-called Juncker Plan. The bonds will be issued in two tranches with a total nominal value of: (i) EUR 125 million, with a 16-year maturity and with the first financing period defined at six years from the issue date; and (ii) EUR 125 million, with a 20-year maturity and with the first financing period defined at 10 years from the issue date."

The Clifford Chance team was supervised and co-ordinated by Warsaw Managing Partner Grzegorz Namiotkiewicz, supported by Warsaw-based Counsel Grzegorz Abram and Associate Pawel Zagorski. Several lawyers from Clifford Chance's London office worked on the matter as well, including Partners Paul Deakins and Clare Burgess and Associate Halim Uddin.

The Allen & Overy team was led by Partner Piotr Lesinski.

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