Global law firm White & Case LLP has advised on the US$1 billion two-part bond issuance by ČEZ, a.s. (České Energetické Závody). The Firm represented Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs International and Société Générale as joint lead managers on the issue. The offering is comprised of US$700 million tranche of 4.250% notes due 2022 and US$300 million tranch of 5.625% notes due 2042.
ČEZ Group is an established, integrated electricity conglomerate with operations in a number of countries in Central and Southeastern Europe, with headquarters in the Czech Republic. Its principal businesses encompass generation, trading, and distribution of power and heat, as well as coal mining. The shares of the ČEZ Group’s parent company, ČEZ, a.s., are traded on the Prague and Warsaw Stock Exchanges.
“The issuance of a Yankee bond is a significant step for ČEZ who was last in the Yankee market over ten years ago. The US market demonstrated its resiliency in volatile times by allowing CEZ to issue both a a ten year and thirty year tranche, maturities that are not easily available in Europe,” said partner Michael Immordino, White & Case.
The White & Case team was led by London partners Michael Immordino and Melissa Butler and Prague partners Kvestoslav Krejci and Eva Svobodová. They were supported by London associates Kristina Agassi and Melanie Davies and Prague associates Petr Hudec and Jan Stejskal.