Prague —Global law firm Dentons has provided legal advice to a syndicate of banks in connection with the issuance of ČEZ’s EUR 750 million European green bonds with an interest rate of 4.375% and maturity in 2034.
The issue was carried out under ČEZ’s EMTN (Euro Medium Term Note Programme) programme with a total volume of EUR 8 billion. The transaction represents the first issue of European green bonds by ČEZ. It follows on from previous issues of sustainability-linked notes, for which Dentons also provided legal advice to the syndicate of banks under English and Czech law. It is also the first European green bond issued by a Czech issuer and one of the first issues of this type in Central Europe.
ČEZ is one of the largest companies in the Czech Republic and one of the leading energy groups operating in Central and Western Europe. The ČEZ Group has a long-term commitment to transforming the energy sector towards sustainability and greater environmental friendliness. In addition to emission-free energy production, its core business includes energy distribution and sales, support for innovation, and investments in companies focused on clean technologies.
The proceeds from the issue will be used by ČEZ to finance long-term tangible assets and projects in accordance with the so-called phased approach set out in the European Green Bond Regulation and its Factsheet. The bonds were issued in accordance with this Regulation, the Factsheet and the Pre-Issuance Review Report.
Nick Hayday , Partner at Dentons London, UK Head of Banking and Financial Services and Global Co-Head of Banking & Finance, said: “This transaction is a significant milestone as it represents the first European green bonds issued by a Czech issuer. It also confirms the strong commitment of the Central and Eastern European region to the development of green finance.”
In addition to Nick Hayday, the transaction was also attended by law clerks Ed Varney and Tom Day from the London team .
The Prague team was led by partner Tomáš Kafka, assisted by partner Petr Zákoucký . Other members of the Prague team were senior attorney Martin Fiala and junior attorney Tomáš Husička .
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