Clifford Chance advises banking syndicate on RWE’s U.S. dollar green bond

Global law firm Clifford Chance has advised an international banking syndicate on the recent bond issuance in the U.S. of RWE AG as to matters of U.S. securities laws, New York law and German law.

In the Rule 144A U.S. offering, RWE successfully placed its green U.S. dollar bond with a total volume of U.S.$1.5 billion. The bond was issued in two tranches of U.S.$750 million with 5-year tenor and U.S.$750 million with 10-year tenor, respectively. This is RWE’s third green bond placement outside Europe.

The Clifford Chance team advised a syndicate of banks comprising BofA Securities, Inc., BBVA Securities Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Intesa Sanpaolo IMI Securities Corp., Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc.

The proceeds of the bonds will be used to finance or refinance eligible green projects in accordance with RWE AG’s Green Financing Framework, which covers investments in renewable energy generation and storage as well as hydrogen production and storage.

The cross-jurisdictional Clifford Chance team was led by capital markets partner George Hacket (Frankfurt). The core team comprised counsel Andrei Manea and senior associate Gordana Golubic-Huertas (all Frankfurt). Furthermore, partner Cristina Freudenberger and transaction lawyer Felicitas Fisher (all Frankfurt) advised on German law aspects of the offering. Advice was also provided on tax matters by partner Avrohom Gelber and associate Milica Pavlovic (both New York) as to US tax.