Latham Advises on Enel’s Multi-Tranche US$4 Billion Sustainability-Linked Bonds Offering

Enel S.p.A. (Enel), through its subsidiaries Enel Finance International N.V., the Dutch-registered finance company, and Enel Finance America, LLC, the US-registered finance company, issued Sustainability-Linked Bonds to institutional investors in the US and international markets for a total aggregate amount of US$4 billion, equivalent to approximately €4.1 billion.

The bonds are linked to the achievement of Enel’s sustainability objective relating to the reduction of direct greenhouse gas emissions (Scope 1), contributing to United Nations Sustainable Development Goal (SDG) 13 (Climate Action) and in accordance with the Group’s Sustainability-Linked Financing Framework.

The bonds were separately issued in the following four tranches: US$750 million 6.8% Sustainability-Linked Notes due 2025, US$1 billion 7.1% Sustainability-Linked Notes due 2027, US$1.25 billion 7.5% Sustainability-Linked Notes due 2032; and US$1 billion 7.75% Sustainability-Linked Notes due 2052.

Latham & Watkins advised BNP Paribas, Goldman Sachs International, and JP Morgan Chase, together with the other bookrunners, in the transaction with a Milan US capital markets team led by partner Jeff Lawlis, with associates Chiara Coppotelli, Stefania Alessi, and Guido Bartolomei. Advice was also provided on regulatory matters by Milan partner Cesare Milani; on UK law matters by London partner Manoj Tulsiani, with associate Carolina Gori; on US tax matters by New York partner Jocelyn Noll; on Spanish law matters by Madrid associates Carmen Esteban and José Luis Bootello; on Spanish regulatory matters by Madrid associate Leticia Sitges; on green bond matters by Dubai partner Edward Kempson; and on sanctions matters by London partner Charles Claypoole and Washington, D.C. partner Les Carnegie.