Global law firm White & Case LLP has advised SPIE on its issuance of €400 million Sustainability-Linked Bonds Settled in Cash and/or Convertible into New Shares and/or Exchangeable for Existing Shares ('ORNANEs') maturing in 2028.
The issuance, largely oversubscribed, was offered by way of an international private placement to institutional investors. The bonds will be issued at par on January 17, 2023 and admitted to trading on the Euronext Access market of Euronext Paris.
Proceeds of the ORNANEs will be allocated to refinance a portion of SPIE’s 2024 bonds, resulting in a net reduction of its gross debt. The conversion/exchange price has been fixed at €32.97, corresponding to a premium of 37.50 percent above the reference share price, and the bonds will bear interest of 2 percent.
The issuance is being carried out within the Sustainability-Linked Financing Framework established by SPIE in November 2022; failure to meet its sustainable performance targets would give rise to a penalty of up to 0.50 percent of the principal amount of the bonds.
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 and Alexandre Ippolito, counsel Tatiana Uskova and associates Sébastien Caciano and Sarah Kouchad.
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