White & Case advises bank syndicate on Ferrovial’s €400 million non-dilutive convertible bond issuance

Global law firm White & Case LLP has advised an international bank syndicate on the issuance of €400 million convertible bonds due 2031by Ferrovial SE (Ferrovial).

"The White & Case team advised the banking syndicate on this significant convertible bond issuance for Ferrovial," said White & Case partner Neha Saran, who co-led the Firm's deal team. "The transaction demonstrates the continued appetite amongst equity-linked investors for innovative financing structures and highlights our ability to navigate and deliver on such technically sophisticated mandates."

The syndicate comprised Goldman Sachs and Natixis as joint global coordinators, Barclays, Bank of America, Citi, Crédit Agricole CIB, J.P. Morgan and Société Générale as joint active bookrunners and ING as passive bookrunner.

The bonds bear interest at an annual fixed rate of 0.75%, payable semi-annually and will be admitted to trading on the open market of the Frankfurt Stock Exchange. They are exclusively cash settled, meaning holders will not be entitled to any new or existing Ferrovial shares. Concurrently with the issuance, Ferrovial acquired cash settled call options to hedge its economic exposure in case of exercise of the conversion right attached to the bonds.

Ferrovial is one of the world's leading infrastructure operators, specialising in construction, promotion, investment and operation of toll roads, airports, electrical transmission networks and water treatment plants. It is listed in Spain, Amsterdam and the US.

The White & Case team which advised on the transaction was led by partners Juan Manuel de Remedios (Madrid), Neha Saran, Ingrid York and Anthony Colegrave (all London) and included associates Charles Linel (Paris), Jack Adachi (London) and Victoria Paternina (Madrid).

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