Global law firm White & Case LLP has advised the bank syndicate led by BNP Paribas, Crédit Agricole CIB and Société Générale Corporate & Investment Banking, as joint global coordinators, on the issue of bonds convertible into new shares and/or exchangeable for existing shares (OCEANE) for an amount of approximately €400 million that was launched by Elis on October 3, 2017.
The net proceeds of the issue will be used to refinance the recent acquisition of Berendsen through the partial redemption of the bridge loan and for general corporate purposes.
The nominal unit value of the bonds has been set at €31.85, corresponding to a premium of 42 percent above Elis' reference share price on the regulated market of Euronext Paris. The bonds have been issued at par on October 6, 2017 and will be redeemed at par on October 6, 2023. The bonds will not bear interest (zero-coupon).
The bonds, which were offered by way of a private placement to institutional investors, will be admitted to trading on the Euronext Access market of Euronext Paris.
White & Case also recently advised BNP Paribas and Crédit Agricole CIB on the implementation of a bridge loan for a total amount of €1.92 billion to finance the acquisition of Berendsen by Elis for around €2.46 billion, and to refinance the existing debt of Berendsen
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert, with support from associates Tatiana Uskova, Adélaïde de Guitaut and Guillaume Monnier. Counsel Max Turner advised on matters of US law and partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects. The White & Case team in Paris which advised on the bridge loan was led by partner Denise Diallo with support from associates Marie-Alix Charvin, Lycia Alderin and Laure Elbaze.
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