White & Case advises banking syndicate on Exail Technologies’ inaugural convertible bonds issue

Global law firm White & Case LLP has advised a banking syndicate led by BNP Paribas and Natixis on Exail Technologies' issue of undated bonds convertible into new shares and/or exchangeable for existing shares (ODIRNANEs) for a nominal amount of €300 million.

The bonds, which will be issued on October 1, 2025 were offered by way of a private placement to institutional investors and will be admitted to trading on Euronext Access. Concurrently with the bonds offering, to facilitate the constitution by certain bond subscribers of a hedge of their exposure to the underlying shares, a simultaneous placement of existing shares has been organized. Gorgé S.A., the reference shareholder of Exail Technologies, has provided a stock loan facility.

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

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