Linklaters advised ING, Goldman Sachs, ABN AMRO, BNP Paribas and Intesa Sanpaolo as Joint Lead Managers on KPN's issuance of a green €500 million corporate hybrid bond

The Green Hybrid Bond priced with a coupon of 4.875% per annum until the first reset date on 18 September 2029 and is first callable in June 2029. The Green Hybrid Bond will be treated for 50% as equity and 50% as debt by the credit rating agencies and will be accounted for as equity under IFRS.

The issuance of the Green Hybrid Bond was combined with an any and all debt tender offer to holders of KPN's outstanding €500mn Perpetual Fixed Rate Resettable Capital Securities to tender their securities for purchase by KPN for cash. Goldman Sachs and ING acted as dealer managers for this tender offer.

With the issuance of the Green Hybrid Bond, KPN further demonstrates its commitment to its sustainability ambitions through financing arrangements. The Green Hybrid is issued under KPN's Green Finance Framework and with its proceeds, KPN will finance or refinance projects with positive environmental impact in three areas: Energy Efficiency (network transformation including roll-out of fiber and modernization of KPN's mobile network), Circular Economy (investments that extend product life and reduce waste) and Clean Transportation (reducing emissions by shifting to electric vehicles).

KPN's Green Hybrid Bond was distributed among a broad diversified institutional investor base and is listed on the Global Exchange Market of Euronext Dublin.

The Linklaters team advising on the combined matter was led by Hugo van der Molen, supported by Christopher Sanderson, Tom van Steenbrugge and Lisa Morandi of our Capital Markets team.