Press Release

White & Case Advises Managers on First Bonds Issue Using Ornane Structure by a Belgian Corporate

Global law firm White & Case LLP has advised the Managers on the €175 million offering of net share settled bonds convertible into new shares and/or exchangeable for existing shares (ORNANE) by Econocom Group SA, a European business-to-business digital service provider headquartered in Belgium and listed on NYSE Euronext Brussels.

The transaction is the first time an ORNANE structure has been used by a Belgian corporate.

The bonds carry a fixed coupon payable annually in arrears. Upon exercise of their conversion right, bondholders will receive an amount in cash corresponding to the accreted value of the bonds and, as the case may be, an amount payable in new and/or existing shares for the balance. Econocom will also be able to deliver solely new and/or existing shares.

The bonds were placed through an accelerated bookbuilding placement to qualified investors (based outside the USA, Canada, Australia and Japan). The success of the offering, which was several times oversubscribed within a few hours, led Econocom to exercise in full the extension clause of €25 million, increasing the total nominal amount to €175 million.

Settlement of the bonds took place on January 15, 2014 and the admission of the bonds to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange took place the same day.

The placement of the bonds has been led by BNP Paribas Fortis and Societe Generale Corporate & Investment Banking as Joint Lead Managers and Joint Bookrunners. Petercam acted as co-Manager.

The White & Case capital markets team in Brussels which advised on this transaction was led by local partner Matthieu Duplat with the support of associates Serkan Alhan and Laurent Lantonnois.

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