Linklaters advises on Orsted’s £900m green bonds

Linklaters has advised the dealers, with Barclays Bank pls as Arranger and as Joint Lead Manager, as Orsted secured nominal £900 million through the issuance of green senior bonds, to finance its green growth ambition towards 2025 including the investment in the offshore wind farm Hornsea 2 in the United Kingdom with a capacity of 1,386 MW.

The bonds comprised a GBP 350 million fixed-rate tranche with maturity in 2027, a GBP 300 million fixed rate tranche with maturity in 2033 and a GBP 250 million inflation linked tranche (CPI) with maturity in 2034. All tranches have settlement on 16 May 2019.

The multi-tranche issuance is thought to be the biggest ever sterling green bond and included the biggest fully syndicated bond linked to the Consumer Price Index (CPI).

The Linklaters team was led by Capital Markets partner Elaine Keats and managing associate Victoria Wyer.