Gide has advised the French state, represented by the Agence des Participations de l'Etat (French Government Shareholding Agency, or APE), on the inaugural landmark offering of green bonds convertible into new shares and/or exchangeable for existing shares (known as OCEANEs Vertes) by EDF, for a maximum nominal amount of approximately 2.4 billion euros.
The state, represented by the APE, has subscribed to the offering for a total nominal amount of 960 million euros, i.e. 40% of the offering.
This is the largest non-mandatory issuance of convertible bonds in Europe since 2003, and the largest green bond issued by a European corporate.
Gide's team comprised partner Arnaud Duhamel, working with associates Aude-Laurène Dourdain and Juliette Pierre on capital markets aspects, partner Thomas Courtel and associate Alexandre Rennesson on aspects of public law, partner Anne Tolila on corporate/M&A aspects, and partner Stéphane Hautbourg on aspects of competition law.
EDF was advised by Sullivan & Cromwell, and the banks were advised by White & Case LLP.