White & Case advises VINCI on €400 million non-dilutive convertible bonds issuance

Global law firm White & Case LLP has advised VINCI on its €400 million non-dilutive cash-settled convertible bonds issuance, maturing in 2030.

It is the first equity-linked transaction by a French issuer in 2025 and the first issuance of non-dilutive convertible bonds in France in seven years.

The bonds will bear interest at an annual nominal rate of 0.70%, payable biannually, and will be admitted to trading on Euronext Access.

Concurrently with the issuance, VINCI acquired cash settled call options to hedge its economic exposure in case of exercise of the conversion right attached to the bonds. As the bonds are exclusively cash settled, holders will not be entitled to any new or existing VINCI shares.

Natixis acted as structuring advisor in relation to the bonds and the options and, together with BNP PARIBAS and Morgan Stanley, as global coordinator and joint bookrunner for the issuance of the bonds. Barclays Bank Ireland PLC, Crédit Agricole Corporate and Investment Bank and Société Générale acted as joint bookrunners for the issuance of the bonds.

The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Boris Kreiss and included associates Charles Linel, Paul-Grégoire Longrois and Eva Brunelli Brondex.

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