White & Case Advises Bank Syndicate on ORPAR's €200 Million Zero Coupon Bonds Issue and Repurchase of Outstanding Exchangeable Bonds | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Bank Syndicate on ORPAR's €200 Million Zero Coupon Bonds Issue and Repurchase of Outstanding Exchangeable Bonds

White & Case Advises Bank Syndicate on ORPAR's €200 Million Zero Coupon Bonds Issue and Repurchase of Outstanding Exchangeable Bonds

Global law firm White & Case LLP has advised the bank syndicate led by HSBC as Global Coordinator on ORPAR's issue of €200 million zero coupon bonds due 2024 exchangeable for existing Rémy Cointreau shares, and the repurchase of its outstanding €170 million exchangeable bonds due 2019.

ORPAR, controlled by the Hériard Dubreuil family, holds 52.42 percent of the share capital and 67.64 percent of the voting rights of Rémy Cointreau, the French producer of cognac, liqueurs and spirits.

The bonds have been issued at par and will be redeemed at maturity in cash, in Rémy Cointreau shares or a combination thereof, at ORPAR's option and at a redemption price of 101.76 percent of the principal amount. Their nominal value includes an issue premium of 40 percent over Rémy Cointreau's reference share price. Each bond is exchangeable for Rémy Cointreau shares from the date of issue, subject to customary adjustments.

The Bonds have been admitted to trading on the open market of the Euro MTF Luxembourg Stock Exchange. The net proceeds of the issue will be used to finance the concurrent repurchase of the outstanding bonds exchangeable for existing Rémy Cointreau shares due 2019.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard, with support from associate Petya Georgieva. Partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects.

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