NautaDutilh assisted the underwriters with innogy's EUR 11.5 billion bond restructuring
NautaDutilh assisted the underwriters, 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 EUR 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 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.
NautaDutilh acted as Dutch underwriters' counsel, alongside White & Case LLP.
The deal team consisted of Dewi Walian, Annefleur van Oel (Dutch law) and Nina Kielman (Dutch tax law) and was supervised by Petra Zijp and Antonia Netiv.