Clifford Chance has advised Co-entreprise de Transport d’Electricité (CTE) and its shareholders (EDF, Caisse des Dépôts et Consignations and CNP Assurances) in the context of an inaugural bonds issuance by CTE for a total of €2.92 billion on 29 June 2017.
This bonds issuance follows the bridge loan facilities completed in December 2016 by Co-entreprise de Transport d’Electricité (CTE), formerly known as société C25, for a total amount of 2,820,000,000 euros allocated to the financing of the acquisition by CTE of part of the shares of RTE (Réseau de transport d’électricité), on which Clifford Chance also advised CTE and the sponsors.
The proceeds of the bonds issuance will be allocated by CTE (i) to the repayment in whole of the bridge loan facilities made available to CTE and (ii) to the payment of priority dividends to the benefit of the shareholders of the issuer: EDF, Caisse des Dépôts et Consignations and CNP Assurances.
The issuance consists of three tranches of €500 million, €1.2 billion and €1.22 billion. The bonds respectively have a maturity of 7, 11 and 15 years, an interest rate of 0.875%, 1.500% and 2.190%, and are listed on Euronext Paris.
CTE is held jointly by EDF (50.1%) and Caisse des Dépôts et Consignations and CNP Assurances (49.9%). CTE holds 100% of the share capital of RTE (Réseau de transport d’électricité) and is rated A- by Standard & Poor’s while the bonds issued are rated BBB+.
Clifford Chance in Paris advised Co-entreprise de Transport d’Electricité (CTE) and its shareholders, with Partners Cédric Burford and Daniel Zerbib, Counsel Auriane Bijon, and Associate Lou Bernard.
The original press release can be found here on Clifford Chance website.