Ropes & Gray Advises VodafoneZiggo on their Debut Green Bond Issuance
Ropes & Gray has advised VodafoneZiggo on its debut “green bonds”, €700 million 2.875% Vendor Financing Notes due 2029, that will be issued on 18 December 2020 by an orphan SPV in accordance with VodafoneZiggo’s newly established Green Bond Framework, which is aligned with the ICMA’s Green Bond Principles.
VodafoneZiggo is a leading Dutch company which provides fixed, mobile and integrated communication and entertainment services to consumers and businesses. As of 30 September 2020, it has over five million mobile, nearly four million video, over three million fixed broadband internet and approximately 2.5 million fixed telephony subscribers.
As stated in its Green Bond Framework, VodafoneZiggo will use an amount equal to the net proceeds of the Notes to finance Eligible Green Projects in categories such as renewable energy, energy efficiency and clean transportation which will promote UN Sustainable Development Goals such as affordable and clean energy and responsible consumption and production.
The Ropes & Gray team was led by finance partner Rob Haak, with finance associates Mansha Malhotra, Clara Melly and Priyambada Das, all based in London. Finance partner Alex Robb with finance associate Hoey Lee, both also based in London, advised on the loan financing aspects of the transaction.
Ropes & Gray's London finance team is a leading legal adviser in public and private high yield markets. Its London finance team is committed to supporting issuers and borrowers in promoting their sustainable finance objectives, has a depth of knowledge in this area and participates in industry groups such as the AFME HY Sustainable Finance Sub-Committee.