Paul, Weiss advised Saur, a France-based global leader in water management and water treatment solutions, systems and technologies, and a portfolio company of EQT Infrastructure, CVC DIF and PGGM, in a €550 million senior notes offering, due 2029. The issuance is the first-ever “blue bond” issued by a French corporate and first-ever blue bond in the water sector. Blue bonds are impact-generating financial instruments inspired by “green bonds,” but focused on raising funds for sustainable marine and fisheries projects; in this case, proceeds were dedicated to fund projects related to the protection of water resources. Paul, Weiss also advised on a tender offer on Saur’s existing €450 million sustainability-linked senior notes due 2025 and its entry into a new €400 million revolving credit facility agreement to refinance its existing facility. The Paul, Weiss team was led by corporate partners Taner Hassan, Matthew Merkle, Deirdre Jones and Silvia Menendez, and included tax partner Timothy Lowe and counsel Caroline Inker.