White & Case Advises on Transfer of 19 Innogy Bonds with Volume of €11.5 Billion

Global law firm White & Case LLP advised Citigroup Global Markets Limited and NatWest Markets N.V. on the transfer of 19 bonds issued by innogy SE and innogy Finance B.V. with an aggregate principal amount of approximately €11.5 billion.

Following the acquisition of innogy Group by E.ON Group, E.ON SE shall become issuer or guarantor of all future capital markets debt of the E.ON Group. It therefore offers holders of innogy bonds to move to E.ON level.

This is achieved in two ways: Consent Solicitations under the German Bond Act with regard to 17 bonds, and exchange offers with regard to two further outstanding bond issuances.

Consent solicitations ask the relevant holders to consent to a replacement of innogy SE with E.ON SE as new guarantor, the replacement of innogy Finance B.V. as existing issuer with E.ON International Finance B.V. as substitute issuer, and certain amendments to the terms and conditions of the bonds.

As part of the exchange offers, the new bonds will be issued by E.ON SE under its Debt Issuance Programme, on which White & Case is also advising.

The White & Case team which advised on the transaction was led by partner Karsten Wöckener and associate Peter Becker (both Frankfurt) and included partners Rebecca Emory (Frankfurt) and David Johansen (New York), local partner Cristina Freudenberger (Frankfurt), counsel Elodie Gal (New York) and associates Claire-Marie Mallad (both Frankfurt) and Nashel Jung (New York).

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