Global law firm White & Case LLP has advised Icade Santé on its first social bond issue for a nominal amount of €600 million maturing in 2030 with a 1.375% fixed coupon.
Proceeds of the bonds, which will be admitted to trading on the regulated market of Euronext Paris, will be allocated to refinance acquisitions or projects relating to existing French assets (construction, development, extension and refurbishment) which have a positive social impact.
The bonds were placed via an international private placement with institutional investors. Senior investors significantly oversubscribed the issue. The banking syndicate included BNP Paribas, Natixis, Crédit Agricole CIB, CIC Markets Solutions and Société Générale Corporate & Investment Banking.
With a €5 billion portfolio (on a full consolidation basis) at June 30, 2020, Icade Santé is the leading investor in private healthcare facilities in France. It is a 58.3 percent owned subsidiary of the Icade Group. Since 2017, Icade Santé has pursued a strategy of diversification into the nursing home segment.
White & Case previously advised Icade Santé on its 2019 inaugural bond issue.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard, and included partner Alexandre Ippolito and associates Boris Kreiss, Thierry Nkiliyehe and Sarah Kouchad.
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