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Dentons advises on ACS Group’s €500 million NEU-CP Program

Dentons, the world’s largest law firm, has advised Spanish-based multinational construction group, Actividades de Construcción y Servicios, S.A. (ACS), on the renewal of its €500 million Negotiable European Commercial Paper (NEU-CP) Program. The NEU-CP program is registered with the Central Bank of France, with the involvement of BNP Paribas, BRED Banque Populaire, Crédit Agricole Corporate and Investment Bank, ING Bank N.V. and Natixis, as dealers for the Notes.

Headquartered in Madrid, the ACS Group is a worldwide leader in construction and services. It is currently the only non-financial issuer with a NEU-CP Program registered with the Central Bank of France.

Dentons’ Capital Markets group in Madrid advised ACS on all aspects of the transaction. Partner Ignacio Corujo led and coordinated the transaction with the support of junior associate Ana Artola.

Ignacio Corujo joined Dentons in January this year to establish and lead the Capital Markets group in Spain. In addition to this most recent deal for ACS, he has closed several high-value debt capital markets deals since his move, including most notably, Grupo Cajamar’s €1 billion issuance of mortgage bonds, as well as Sacyr’s renewal of its €500 million EMTN Program.

About Dentons

Dentons is the world’s largest law firm, connecting talent to the world’s challenges and opportunities in more than 75 countries. Dentons’ legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons’ polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic.

Hogan Lovells advises banks on Eurogrid green bonds placement

Led by Frankfurt partner Jochen Seitz, the international law firm Hogan Lovells advised the joint lead managers consisting of UniCredit Bank (technical lead), BNP Paribas and Rabobank on the placement of Eurogrid GmbH’s first green bonds with an issue volume of EUR 750 million.

The corporate bond with a term of 12 years and an interest rate of 1.113 percent was successfully placed on 15 May 2020 and admitted to the regulated market in Luxembourg. Hogan Lovells had previously advised the dealers on the update of the debt issuance programme with Commerzbank as arranger.

With its first Green Bond, Eurogrid GmbH, parent company of the transmission system operator 50Hertz Transmission GmbH, secures the financing of investments in a portfolio of selected projects and facilities of 50Hertz Transmission GmbH and its subsidiary 50Hertz Offshore GmbH within its Green Bond Framework. These serve in particular to integrate offshore wind energy into the transmission grid on land and thus to expand the grid necessary for the energy turnaround. Examples of projects currently selected under the Green Bond Framework are the offshore projects Ostwind 1 and Ostwind 2, which involve the construction of grid connections for several offshore wind farms northeast of Rügen.

Hogan Lovells team for the bank consortium:

  • Dr. Jochen Seitz (Partner), Dr. Stefan Schrewe, Frank Salzgeber (Associates) (all Capital Markets);
  • Dr. Jörg Herwig (Partner), Simon Theis (Senior Associate) (both Corporate).

Jochen Seitz and his team have been advising the banks on the programme and issuances since its launch in 2015.