White & Case Advises Bank Syndicate on Soitec’s €150 Million Convertible and/or Exchangeable Bond Offering

Global law firm White & Case LLP has advised BNP Paribas and Société Générale, as Global Coordinators, and Jefferies as Joint Bookrunner, on Soitec’s offering of bonds convertible into new ordinary shares and/or exchangeable for existing ordinary shares (OCEANE) due 2023 for a nominal amount of approximately €150 million.

Soitec is a world leader in designing and manufacturing innovative semiconductor materials and is listed on Euronext Paris.

The bonds are issued at par, with a nominal value per bond set at €104.47, representing a conversion premium of 37.5 percent. The bonds will not bear interest (zero-coupon). In the event of exercise of the conversion/exchange right, the bonds will entitle their holders to receive Soitec’s ordinary shares at an initial ratio of one share per bond, subject to any potential subsequent adjustments. The bonds will be admitted to trading on the Open Market (Euronext Access) of Euronext Paris.

The net proceeds from the issuance will be used for general corporate purposes. At the time of the issuance, the short term bank loans of Soitec in a principal amount of approximately €30 million will be repaid in full together with interest accrued.

The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert and included partner Alexandre Ippolito, with support from associates Isabelle Touré-Farah, Arthur de la Fage and Guillaume Keusch.

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