White & Case advises Crelan on inaugural €600 million green bond issue

Global law firm White & Case LLP has advised Belgian bank Crelan SA on its inaugural green bond issue.

The issuance was pursuant to Regulation S under the US Securities Act and consisted of a €600 million issue of fixed-to-fixed senior non-preferred callable notes. Crelan intends to use the proceeds to finance green buildings, in line with its green bond framework. This includes loans for acquisitions as well as green renovation projects.

Banco Santander, S.A., Commerzbank Aktiengesellschaft, Crédit Agricole CIB and  J.P. Morgan S.E. acted as joint lead managers for the notes issue and KBC Bank NV acted as co-lead manager. Crédit Agricole CIB acted as the green structuring advisor.

Crelan Group is a financial group with a cooperative shareholder structure that offers a broad range of financial services in the Belgian market via three bank brands: Crelan, AXA Bank and Europabank. It ranks fifth among Belgian retail banks in terms of its balance sheet total and serves approximately 1.8 million clients.

White & Case previously advised on the inaugural public notes issue by Crelan SA in September 2022 and on the establishment of its inaugural euro medium-term note programme.

The White & Case team that advised on the transaction was led by counsel Willem Van de Wiele (Brussels and Luxembourg) and included associate Sara Ben Othmen (Brussels and Luxembourg).

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