Global law firm White & Case LLP has advised Icade on its new €600 million bond issue maturing in 2031 with a 0.625% fixed coupon.
The bonds, which are admitted to trading on the regulated market of Euronext Paris, were placed through an international private placement to institutional investors. The banking syndicate included BNP Paribas, Crédit Agricole CIB, HSBC, Natixis and Société Générale Corporate & Investment Banking.
Icade will allocate part of the net proceeds of the issuance to finance the exercise of a make-whole call on bonds issued on September 14, 2015 for an initial amount of €500 million at a 1.875% fixed coupon, of which the outstanding principal amount is €395.7 million.
White & Case previously advised Icade on its 2018 bond issue and tender offer and 2019 tender offer.
Icade is an office and healthcare property investment company with a €14.4 billion portfolio on a full consolidation basis at June 30, 2020. It is also a developer of homes, offices and public amenities and its shares are admitted to trading on the regulated market of Euronext Paris.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard with support from associates Boris Kreiss and Thierry Nkiliyehe.
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