Press Release

White & Case Advises Bank Syndicate on Korian's Convertible and/or Exchangeable Bond Offering

Global law firm White & Case LLP has advised Crédit Agricole CIB and Société Générale, as joint lead managers and joint bookrunners, on Korian's offering of undated bonds convertible into new shares and/or exchangeable for existing shares (Obligations à Durée Indéterminée à option de Remboursement en Numéraire et/ou en Actions Nouvelles et/ou Existantes) (ODIRNANE) for a nominal amount of approximately €240 million.

Korian is the European leader in care and support services for the elderly and is listed on Euronext Paris.

The bonds are issued at par, with a nominal value per bond set at €40.21, representing a conversion premium of 35 percent. In the event of exercise of the conversion/exchange right, the bonds will entitle their holders to receive Korian's shares at an initial ratio of one share per bond, subject to any potential subsequent adjustments.

The bonds will bear interest at a nominal annual rate of 2.5 percent payable biannually in arrears on January 1 and July 1 each year until December 31, 2022, and thereafter at a rate expressed on an annual basis equal to the six-month Euribor rate increased by 900 basis points.

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 and to strengthen Korian's balance sheet structure.

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 and Isabelle Touré-Farah. Partner Alexandre Ippolito, with support from associate Guillaume Keusch, advised on tax aspects.

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