Clifford Chance

Clifford Chance advises Cinven on financing for Amara NZero acquisition, including first-ever green bond issued in connection with a European LBO

International law firm Clifford Chance advised Cinven, a leading international private equity firm, in connection with the financing for Cinven's previously announced acquisition of a majority stake in Amara NZero, a B2B distributor of products and services used in the energy transition market. The financing included the issuance of €270 million of 10.25% green senior secured notes, as well as the establishment of a €50 million revolving credit facility. This innovative financing is the first-ever use-of-proceeds green bond offering to fund an LBO in Europe and is also the first issuance by a single B-rated debut issuer in Europe in 2023.

The bonds were issued under Amara NZero's Green Bond Framework and the company intends to use the proceeds from the issuance towards provision of services and products in the renewables and electrification sectors. Drawing on its extensive experience in sustainable energy, Amara NZero is a key contributor to the transition to a low-carbon economy. The company serves as a value-added supply chain partner for suppliers and clients, offering a comprehensive portfolio of products and services across three divisions: renewables (solar, wind and hydro), electrification and energy transition services.

Clifford Chance's cross-border, multidisciplinary team was led by High Yield partner Drew Rundus (London), senior associate Yash Ranade (London) and associates Garo Yaghsezian (Paris) and Agata Radajczyk (New York/Madrid). Finance partner Richard Day (London) advised on the credit facility with senior associate Silvia Menendez (London) and associate Yasmin Johnson (London). Further advice was provided by additional Clifford Chance team members in Spain, Italy, Brazil, the United Kingdom and the United States. Clifford Chance also advised Cinven on the acquisition of Amara NZero, with M&A Private Equity partners Samir Azzouzi (Madrid) and Christopher Sullivan (London) leading the team.

Drew Rundus commented: ''We are proud to have advised on the first green bond issuance in LBO history and are grateful for the trust shown by our client in our capabilities to execute a transaction like this within a short time frame. This transaction was made possible through the collaborative efforts of Cinven, Amara NZero, the underwriters and all other consultants and counsel who we thank and congratulate for this great success. We wish Amara NZero continuing success in their efforts to drive energy transition to achieve a world with zero net emissions and look forward to continuing to advise and support Cinven and Amara NZero.''