Global law firm White & Case LLP has advised Icade Santé on the issuance of its inaugural bond for an aggregate amount of €500 million with a maturity of ten years and a coupon of 0.875%.
The bonds will be admitted to trading on the regulated market of Euronext. Icade Santé recently received a long term bond credit rating of BBB+, stable outlook, from S&P and the bonds were rated BBB+ by S&P. The bonds were placed on an international private placement basis with institutional investors and the issue was largely oversubscribed by major investors. BNP Paribas, Crédit Agricole CIB, HSBC France, Natixis and Société Générale acted as joint bookrunners on the issue.
Icade Santé is the leading healthcare property investor in France with a portfolio of €4.5 billion as of June 30, 2019. A 56.84% owned subsidiary of the Icade Group, Icade Santé draws on its proven expertise, its long-term shareholders and its extensive knowledge of the real estate value chain. Since 2018, Icade Santé has pursued a strategy of diversification into the nursing home segment.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert, Séverin Robillard and Alexandre Ippolito, with support from associates Boris Kreiss, Guillaume Monnier, Thierry Nkiliyehe and Guillaume Keusch.
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