Global law firm White & Case LLP has advised the bank syndicate led by BNP Paribas as Global Coordinator, and including Crédit Agricole CIB as Joint Lead Manager and Bookrunner and HSBC as Co-Lead Manager, on the launch by leading worldwide cable industry expert Nexans of a share capital increase with preferential subscription rights of approximately €284 million.
This capital increase will allow Nexans to strengthen its financial structure by improving the capital structure which has been impacted by various non-recurring items and by reducing net debt/EBITDA ratio and net debt/shareholders' equity to lower levels, to sustain the credit profile of the group and to give it flexibility in the execution of its strategic initiatives.
The offer is open to the public only in France and is made through an international private placement, excluding the United States.
Through this transaction Nexans' main shareholder, Group Quiñenco, which holds approximately 22.54% of the capital, has committed to subscribe to a number of shares that will increase its shareholding. Bpifrance Participations, which holds 5.50% of the capital, has declared its intention to subscribe to the share capital increase to at least to the level of its preferential subscription rights.
The White & Case capital markets team in Paris which advised on this transaction was led by partners Philippe Herbelin and Thomas Le Vert with the support of associates Tatiana Uskova, Bénédicte Braquehaye and François Carrey and, on US law aspects, by partner Colin Chang.
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