White & Case advises Crelan on €750 million green bond issue

Global law firm White & Case LLP has advised Belgian bank Crelan SA (Crelan) on a new benchmark size green bond issue.

The issuance consists of €750 million fixed-to-fixed senior non-preferred callable notes and is pursuant to Regulation S under the US Securities Act. Crelan will use the proceeds to finance green buildings, in line with its green bond framework, including loans for acquisitions as well as green renovation projects.

BNP Paribas, Crédit Agricole CIB, Citigroup Global Markets Limited, Deutsche Bank AG and J.P. Morgan SE acted as joint lead managers for the issue. Crédit Agricole CIB acted as the green structuring advisor.

White & Case advised on the inaugural public notes issuance by Crelan in September 2022, on its inaugural green bond issue in 2023 and on the establishment of its inaugural euro medium-term note programme.

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.

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

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