Global law firm White & Case LLP has advised the banking syndicate led by BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan and Société Générale, as global coordinators, lead managers and joint bookrunners, on Alstom's share capital increase with shareholders' preferential subscription rights for an amount of approximately €1 billion.
Bpifrance Investissement and Caisse de Dépôt et Placement du Québec, as Alstom's main shareholders, have each undertaken to subscribe for their respective pro-rata share of the capital increase, representing 7.5 percent and 17.4 percent of Alstom's share capital, respectively.
In addition, White & Case has advised the banking syndicate led by BNP Paribas, BofA Securities and HSBC as global coordinators, lead managers and joint bookrunners on Alstom's hybrid bonds issuance for an amount of approximately €750 million.
Alstom also divested assets amounting to approximately €700 million.
Proceeds from these transactions will be allocated to Alstom's approximately €2 billion deleveraging plan, which will enable the company to maintain its Investment Grade rating. Approximately €1.2 billion of the proceeds from the divestments and capital market transactions will be used to repay financial debt by September 2024, namely: repayment of outstanding commercial paper in the amount of €1,033 million; and repayment of the revolving credit facility drawn down to the amount of €175 million. The remainder of the proceeds will be invested in highly liquid short-term investments and will be earmarked for gross debt reduction at maturity.
Alstom is a global leader in the transport sector with a presence in 64 countries and 84,700 employees. It generated revenues of €17.6 billion for the fiscal year ending on March 31, 2024. Alstom shares are listed on the Euronext Paris regulated market.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partners Max Turner, Grégoire Karila and Estelle Philippi, counsel Tatiana Uskova and associates Sébastien Caciano, Jaime Lee and Claire Sardet.
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