White & Case Advises on Financing of Gecina's Combination with Eurosic
Global law firm White & Case LLP has advised the bank syndicate led by Morgan Stanley and Deutsche Bank, as Joint Global Coordinators, Joint Bookrunners and Lead Managers, BNP Paribas, Crédit Agricole CIB, Goldman Sachs International, HSBC, Natixis, JP Morgan and Société Générale, as Joint Bookrunners, and CM-CIC Market Solutions, ING and RBC Capital Markets as Co-Lead Managers, on the €1 billion rights issue launched by Gecina on July 18, 2017 related to its combination with Eurosic, which was announced on June 21, 2017.
White & Case also advised Morgan Stanley Bank International Limited as Mandated Lead Arranger, Bookrunner and Lender on the related €2.5 billion bridge loan facility.
Following the success of a triple-tranche bond issuance for an aggregate principal amount of €1.5 billion, completed on June 30, 2017, the net proceeds of the rights issue will be used to finance a portion of the Eurosic acquisition price. It will enable Gecina to cancel the €1 billion balance of the €2.5 billion bridge facility set up on June 20, 2017, €1.5 billion of which had already been cancelled on June 30, 2017 following the triple-tranche bond issuance.
Following the combination with Eurosic, Gecina will become Europe’s fourth largest real estate group with a total portfolio of €19.5 billion.
The White & Case team in Paris which advised on the rights issue was led by partners Philippe Herbelin and Séverin Robillard, with support from associate Isabelle Touré-Farah. Partner Colin Chang and counsel Max Turner advised on matters of US law. Partner Alexandre Ippolito, with support from associates Charline Schmit and Guillaume Keusch, advised on tax aspects. The Paris team which advised on the bond issuance was led by partners Philippe Herbelin and Cenzi Gargaro, with support from associates Isabelle Touré-Farah and Arthur de la Fage. The Paris team which advised on the bridge loan facility was led by partners Raphaël Richard and Samir Berlat, with support from associates Roman Picherack and Michel Courtois.
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