EPH Successfully Issues €500 Million Green Bonds
Deal News | Jul 09, 2025 | White & Case LLP
White & Case LLP has provided legal counsel to Energetický a průmyslový holding, a.s. (EPH), a prominent European energy utility, in its issuance of €500 million green bonds, yielding 4.625% and maturing in 2032. This issuance, orchestrated by EPH Financing International, a.s. and secured by EPH, saw an astounding investor interest, being oversubscribed more than eight times with orders exceeding €4 billion. The bonds are part of EPH's €3 billion Euro Medium Term Note (EMTN) programme and will trade on Euronext Dublin's Global Exchange Market. This bond issuance highlights the robust demand for high-quality, investment-grade European corporates in the global debt markets. The issuance was managed by major financial entities including Goldman Sachs Bank Europe SE, ING, J.P. Morgan, MUFG, and SMBC, with previous advisories from White & Case on EPH's EMTN programme.
Sectors
- Energy
- Finance
- Legal Services
Geography
- Europe – EPH operates across Western, Central, and Eastern Europe including countries like the UK, France, Germany, and more.
- Czech Republic – White & Case LLP team, including its partner Petr Hudec, involved in this transaction, is based in Prague, Czech Republic.
Industry
- Energy – EPH is a leading energy utility operating across multiple European countries, involved in power generation, gas transmission, and supply.
- Finance – The article discusses a €500 million bond issuance which is part of EPH's financial strategy, involving debt capital markets and several financial institutions.
- Legal Services – White & Case LLP provided legal advisory for the bond issuance, involving the setup of financial instruments and liaising with involved parties.
Financials
- €500 million – Size of the green bond issuance by EPH.
- 4.625% – Coupon rate of the green bonds issued.
- €3 billion – Total capacity of EPH's Euro Medium Term Note (EMTN) programme.
- 8x – The level of oversubscription for the green bond issuance.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Energetický a průmyslový holding, a.s. (EPH) | Target | Company | A major pan-European energy utility company involved in this green bond issuance. |
| White & Case LLP | Legal Advisor | Company | A global law firm that advised EPH on the bond issuance. |
| EPH Financing International, a.s. | Issuer | Company | The entity that issued the €500 million green bonds, guaranteed by EPH. |
| Goldman Sachs Bank Europe SE | Lead Manager | Company | One of the joint lead managers and joint bookrunners for the bond issuance. |
| ING | Lead Manager | Company | Served as a joint lead manager and joint bookrunner for the bond issuance. |
| J.P. Morgan | Lead Manager | Company | Acted as a joint lead manager and joint bookrunner for the bond issuance. |
| MUFG | Lead Manager | Company | Participated as a joint lead manager and joint bookrunner for the bond issuance. |
| SMBC | Lead Manager | Company | One of the co-managers in the swap bond issuance deal. |