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Clifford Chance advises initial purchasers on EUR 550 million debut high yield green bonds issuance by Getlink

22 October 2018

Clifford Chance advises initial purchasers on EUR 550 million debut high yield green bonds issuance by Getlink

International law firm Clifford Chance acted as counsel to the initial purchasers in connection with the issuance by Getlink SE, a key player in mobility infrastructures and international transport and a leader in eco-responsible transport that, among other things, is the holding company of the manager and operator of the Channel Tunnel between England and France, of €550 million of its 3.625% senior secured notes.

This transaction represents Getlink's debut high yield offering and is one of only a few high yield issuances in the European market to be certified as green bonds under the criteria of the International Capital Markets Association’s Green Bond Principles.

Clifford Chance has advised on green bonds in the last 12 months for Energias de Portugal, First Abu Dhabi Bank and DBS Group. The firm's work has included advising on the first UK bank green bond issuance using UK assets, the first sovereign green bond and the first sovereign green sukuk.
The matter was led by capital markets partners David Bickerton and Michael Dakin, senior associates Ayan Koshal and Drew Rundus, and associate Halim Uddin in London, with assistance from partner Daniel Zerbib in Paris.

Commenting on the transaction, Michael Dakin said: "We were delighted to be involved in this offering, which added Clifford Chance's leading green bond capabilities to our high yield and infrastructure financing expertise to help deliver a successful transaction for Getlink and the initial purchasers. Our involvement in the Getlink transaction builds on our recent experience acting for Empark and TDC on high yield offerings over the past year and is another strong example of the rapid growth of the infrastructure sector in the high yield market."