Global law firm White & Case LLP has advised the underwriting syndicate on Euronext's €1.8 billion three-tranche senior bond offering.
The bonds were issued as dematerialized book entry securities through the Danish VP Clearing and Settlements system and are admitted to trading on the regulated market of Euronext Dublin. The net proceeds of the issuance will be used by Euronext to refinance part of the bridge facilities in relation to the acquisition of Borsa Italiana, which was completed on 29 April, 2021.
Each tranche comprises an aggregate principal amount of €600 million, the first maturing in 2026 with an annual coupon of 0.125%, the second maturing in 2031 with an annual coupon of 0.750%, and the third maturing in 2041 with an annual coupon of 1.500%. The bonds have been rated BBB by S&P Global Ratings Europe Limited.
The underwriting syndicate consisted of BofA Securities, Crédit Agricole CIB, HSBC and J.P. Morgan as Global Coordinators and Joint Active Bookrunners, ABN AMRO, BNP Paribas, IMI-Intesa Sanpaolo, ING, Mediobanca, Société Générale and UniCredit as Joint Active Bookrunners, and CIC as Passive Bookrunner.
White & Case previously advised the underwriting syndicate in 2018 on Euronext’s debut bond issue, the proceeds of which were used to finance the acquisition of the Irish Stock Exchange, and in 2019 on Euronext's €500 million bond issue, the proceeds of which were used to finance the acquisition of the Oslo Stock Exchange.
The White & Case team which advised on the transaction was led by partner of counsel Cenzi Gargaro (Paris) and included partner Richard Pogrel (London), counsel Olga Fedosova (Paris) and associate Bénédicte Cheyrou-Lagrèze (Paris).
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