Funding

Debt programmes

Euro Medium Term Note (EMTN) programme

Enexis issues notes under its EMTN programme, which has been updated on 4 June 2020. Features of the EMTN programme:

Issuer: Enexis Holding N.V.
Maximum size: EUR 4 billion
Arranger: Rabobank
Dealers: see Base Prospectus
Fiscal and Paying Agent: Deutsche Bank AG, London branch

Euro Revolving Credit Facility (RCF)

Enexis has a committed credit facility (RCF) with the following features:

Issuer: Enexis Holding N.V.
Size: EUR 850 million until December 2024 and EUR 686 million until December 2025
Lenders: 8 banks
Facility Agent: ING N.V.
Maturity date: December 2025
Use: For general business purposes

Euro commercial paper programme (ECP)

Enexis Holding N.V. has established an ECP programme in december 2016, with the following features:

Issuer: Enexis Holding N.V.
Maximum size: EUR 1 Billion
Arranger: Rabobank
Dealers: BNP Paribas, ING, NatWest Markets, Rabobank
Issuing and Paying Agent: Citigroup Inc.

(Green) financing

Bonds

Issuer	Date of issuance	Maturity date	Principal in EUR	Coupon	Type	ISIN code
Enexis Holding N.V.	26-01-2012	26-01-2022	300 million	3,375%	Senior unsecured	XS0737138460
Enexis Holding N.V.	20-10-2015	20-10-2023	500 million	1,5%	Senior unsecured	XS1307369717
Enexis Holding N.V.	26-04-2016	28-04-2026	500 million	0,857%	Senior unsecured	XS1396367911
Enexis Holding N.V.	02-07-2019	02-07-2031	500 million	0,75%	Senior unsecured	XS201997607
Enexis Holding N.V.	17-06-2020	17-06-2032	500 million	0,625%	Senior Unsecured; green bond	XS2190255211
Total			2,3 billion

Green Financing

Enexis has drawn up a 'Green Finance Framework' that serves as a framework for monitoring the sustainability quality of eligible green assets when issuing green financing instruments. ISS ESG has carried out a Second Party Opinion (SPO) for the framework.

Issue of outstanding green bonds

In June 2020, Enexis Holding N.V. issued a listed green bond for an amount of EUR 500 million. This bond was drawn under the existing EMTN program and is included in the overview of all outstanding drawings under this program.

Green Finance Framework_2020.05

SPO_2020.05

One-pager SPO_2020.05

Convertible shareholder loan

July & November 2020 - Convertible Hybrid Shareholder Loan

In two tranches Enexis Holding N.V. issued a 60-year convertible hybrid shareholder loan for a total amount of EUR 500 million. The interest for tranche A and B until the first interest revision date of November 29, 2030 is 2,15% and 1,40% respectively. The loan is subordinated to all other Enexis debts. Enexis has the right to convert the loan into shares if Enexis' credit rating falls or threatens to fall below the A (Standard & Poors) or A2 (Moody) level. Furthermore, Enexis has the option to repay the loan on November 29, 2030 and every ten years thereafter. S&P has assigned intermediate equity credit to the loan.

issuer	Date of Issuance	Maturity Date	Principal in EUR	Coupon	Type	Tranche
Enexis Holding N.V.	29-7-2020	29-11-2080	421,7 million	2,15%	Subordinated	A
Enexis Holding N.V.	30-11-2020	29-11-2080	78,3 million	1,40%	Subordinated	B
Total			500 million

Debt maturity profile

Update valuation of shares Enexis Holding N.V. as per 2020/1/1

Bandwith shareholder value € 4,015 million - € 5,448 million
Point estimate valuation € 4,732 million, with a point estimate of € 31.61 per share

At the request of our shareholders in 2017 an independent external advisor, hired by Enexis Groep and its shareholder committee, presented an new independent valuation of the shares of Enexis Holding N.V. as per 2017/1/1. This concerns the valuation under market terms based on a stand-alone and going-concern situation. The valuation will be updated every year around 1 July by Enexis Groep and at the start of a every regulatory period, a new independent valuation opinion will be required from an external advisor.