Lovells

Lovells has advised EDF on a new issue of bonds which will be made available to French retail investors.  

The €1 billion bond issue, which follows the implementation of EDF's new Euro Medium Term Note (EMTN) programme, was announced by the energy provider last week. The notes issued under this first tranche will have a maturity of 5 years and individuals can subscribe until 10 July 2009. Each bond has a minimum denomination of €1,000 with an interest rate of 4.5% per annum. The French law EMTN programme adopted by EDF has a programme limit of €16 billion.  

This is the first time that notes have been offered directly to the public in France, rather than institutional investors, under an EMTN programme. It is also the first time in many years that aFrench corporate has carried out a retail offering.   

Sharon Lewis, Partner Global Head of Lovells' Capital Markets practice, led the team advising EDF, with assistance from Vincent Fidelle (Associate) and Sara Vero (Associate) in the firm's Paris office.  

Commenting on the matter, Sharon Lewis said:            

"Following our work advising EDF on financing issues related to the takeover of British Energy last year, it is a pleasure to assist them on again on a similarly high profile matter. We have worked closely with the client to help them develop their EMTN programme as a whole so it is very pleasing to see this first phase become reality." 

About Lovells  

With over 3,000 people operating from 27 offices in Asia, Europe and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations.  We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes.  Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses.  Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639.  Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG.  

The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing.  

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