Hogan Lovells and Cleary advise on €4.6bn EDF refinancing deal
Hogan Lovells and Cleary Gottlieb Steen & Hamilton have taken lead roles on a €4.6bn (£3.8bn) refinancing deal for energy giant EDF. Hogan Lovells advised longstanding client EDF on the transaction, which saw the company launch a tender offer for some of its existing debt securities, followed by the issue of two new series of bonds. Paris-based global head of debt capital markets Sharon Lewis led the Hogan Lovells team, assisted by senior associate Vincent Fidelle.
December 07, 2010 at 02:01 AM
2 minute read
Hogan and Cleary lead as energy giant issues new bond series
Hogan Lovells and Cleary Gottlieb Steen & Hamilton have taken lead roles on a €4.6bn (£3.8bn) refinancing deal for energy giant EDF.
Hogan Lovells advised longstanding client EDF on the transaction, which saw the company launch a tender offer for some of its existing debt securities, followed by the issue of two new series of bonds.
Paris-based global head of debt capital markets Sharon Lewis led the Hogan Lovells team, assisted by senior associate Vincent Fidelle.
A consortium of banks served as joint dealer managers, including BNP Paribas, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and Natixis.
The banks turned to Cleary, which fielded a team led by London-based finance partner Pierre-Marie Boury and finance associate Jim Ho.
The deal saw EDF launch an exchange offer at the end of October relating to outstanding notes worth €4.6bn. This was followed by two new notes issues each for €750m (£638m), with a maturity of 15 years and 30 years respectively. The refinancing effectively lengthens the average maturity of EDF's corporate debt to just over nine years.
The deal was structured as an intermediate debt exchange offer – a tender offer presented by BNP Paribas to purchase the existing bonds followed by the issue of two series of new notes.
Lewis (pictured) said: "This was the first refinancing that EDF has done of this kind. It was interesting in that the notes being repurchased were English law notes under its English law programme – the new notes being issued were French law notes under its French law EMTN programme. Hence, the cross-border nature of legal advice."
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