White & Case advises on ORPAR’s €150 million bond issuance exchangeable into Rémy Cointreau shares

Global law firm White & Case LLP has advised ORPAR on the issue of bonds exchangeable into existing Rémy Cointreau shares, in the amount of €150 million and maturing in 2033.

The exchange price of the bonds represents a premium of 47.5% over the reference price of Rémy Cointreau. Each bond is exchangeable for existing Rémy Cointreau shares from the issue date, subject to customary adjustments. The bonds will bear interest at a rate of 2.50% per annum.

The bonds have been admitted to trading on the open market of the Euro MTF Luxembourg Stock Exchange.

The net proceeds of the issuance will be used by ORPAR for general corporate purposes, including increased financial flexibility, and in part to reinforce its shareholding in Rémy Cointreau, through the purchase of a minimum of €15 million of existing shares of Rémy Cointreau.

ORPAR, controlled by the Hériard Dubreuil family, holds directly 43.01 percent of the share capital and 52.15 percent of the voting rights of Rémy Cointreau, a prominent French producer of cognac, liqueurs and spirits. Rémy Cointreau shares are listed on Euronext Paris.

The placement was led by BNP Paribas and Crédit Agricole Corporate and Investment Bank, as global coordinators and joint bookrunners and Natixis as joint bookrunner.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partners Tatiana Uskova, Max Turner, Alexandre Ippolito and Cyril Valentin and associates Charles Linel and Claire Sardet.

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