Clifford Chance advised CTE on its €500 million bond issue

On 10 January 2024, CTE, Co-entreprise de Transport d’Electricité (A- stable S&P) successfully launched a senior bond issue for a nominal amount of 500 million euros, with a maturity of 12 years and a fixed coupon of 3.750%. The net proceeds of the bond issue will be used for CTE’s general corporate purposes, including the refinancing of its €500 million bond issued in 2017 and redeemable in September 2024.

Settlement and delivery took place on 17 January 2024, the date on which the bonds were admitted to trading on the regulated market of Euronext Paris.

The bond is rated BBB+ by S&P.

The banks syndicate was composed of Barclays and Natixis acting as Global Coordinators and Joint Lead Managers. BNP Paribas, Crédit Agricole CIB and ING were also acting as Joint Lead Managers.

Clifford Chance advised CTE on this transaction with a team composed of Cédric Burford, partner, Auriane Bijon, counsel, Batoul Laanani and Santiago Ramirez, associates.