Press Release

White & Case Advises Bank Syndicate on SEB's Exchangeable Bond Offering

Global law firm White & Case LLP has advised the bank syndicate led by BNP Paribas, HSBC, Natixis and Société Générale, as lead managers and joint bookrunners, on SEB's offering of bonds redeemable in cash and/or exchangeable for existing shares (ORNAEs) due November 2021 for a nominal amount around €150 million.

SEB, the world leader in small household equipment, issued the bonds on November 15, 2016. The ORNAEs will bear no interest and have been offered with an exchange premium of 42.50 per cent. In the event of exercise of the exchange right, the ORNAEs will entitle their holders to receive existing SEB shares at an initial ratio of one share per bond, subject to any potential subsequent adjustments.

The ORNAEs will be admitted to trading on the Open Market (Marché Libre) of Euronext Paris. The net proceeds from the issuance of the ORNAEs will enable SEB to partly refinance the acquisition of the German group WMF, the global leader in professional automatic coffee machines and leader in cookware in Germany.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Philippe Herbelin, with support from associate Isabelle Touré-Farah. Partner Colin Chang, with support from counsel Max Turner, advised on matters of US law. Partner Alexandre Ippolito, with support from associate Guillaume Keusch, advised on tax aspects.

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