ČEZ Group Issues €750 Million Sustainability-Linked Notes with White & Case Advice
Deal News | Jun 10, 2025 | White & Case LLP
Global law firm White & Case LLP has played a pivotal role in advising ČEZ Group, the largest electricity generation and distribution company in the Czech Republic, on their issuance of €750 million sustainability-linked notes under an updated €8 billion Euro Medium Term Note (EMTN) programme. This issuance marks a significant move by a Czech issuer into the sustainability-linked debt market, offering investors a 0.75% redemption premium if the company fails to meet its greenhouse gas emission intensity targets. The notes, due to mature in 2033, are listed on the Luxembourg Stock Exchange. The lead management for this transaction included major banks like CaixaBank, Citigroup, and Societe Generale. This issuance aligns with ČEZ Group’s objectives towards sustainable practices and energy transitions, reflecting its leading role in Central Europe's energy sector.
Sectors
- Energy
- Financial Services
- Legal Services
Geography
- Czech Republic – ČEZ Group is a leading energy company based in the Czech Republic.
- Luxembourg – The issued notes are traded on the Luxembourg Stock Exchange.
- Central Europe – ČEZ Group operates extensively in Central Europe.
Industry
- Energy – ČEZ Group operates in the energy sector, being the largest electricity generation and distribution company in the Czech Republic.
- Financial Services – The transaction involves note issuance and trading on the Luxembourg Stock Exchange, which are financial services activities.
- Legal Services – White & Case LLP, a law firm, provided advisory legal services for the execution of the note issuance.
Financials
- €750 million – Total issuance size of the sustainability-linked notes.
- 4.125% – Interest rate of the issued notes due in 2033.
- €8 billion – Total size of ČEZ Group's EMTN programme.
- 0.75% – Redemption premium at maturity if emission targets are not met.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ČEZ Group | Issuer | Company | Largest electricity generation and distribution company in the Czech Republic. |
| White & Case LLP | Legal Advisor | Company | Global law firm advising ČEZ Group on the issuance. |
| Luxembourg Stock Exchange | Trading Venue | Company | The venue where the sustainability-linked notes are traded. |
| CaixaBank, Citigroup Global Markets Europe, Intesa Sanpaolo, Raiffeisen Bank International, SMBC Bank EU, Societe Generale, UniCredit Bank | Joint Lead Managers | Companies | Financial institutions leading the management of the issuance. |
| PKO Bank Polski | Co-manager | Company | Co-manager for the sustainability-linked notes issuance. |