Global law firm White & Case LLP has advised the bank syndicate, led by BNP Paribas and Crédit Agricole CIB, on Rallye's €200 million offering of bonds exchangeable for existing ordinary shares of Casino, redeemable in cash only.
It is the first non-dilutive cash-settled exchangeable bonds offering in Europe. The bonds will be issued at par on October 26, 2016, bear interest at an annual rate of 5.25 percent payable semi-annually, and be reimbursed at par on February 1, 2022. The bonds may be subject to early redemption at the option of Rallye under certain conditions. Application will be made for the bonds to be admitted to trading on the open market (Freiverkehr) segment of the Frankfurt stock exchange.
Rallye purchased concomitantly cash-settled call options to hedge its economic exposure to the potential exercise of the exchange rights of the bonds.
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert, with support from counsel Elsa Imbernon and associates Grégoire Karila, Adélaïde de Guitaut and Arthur de la Fage. Counsel Max Turner advised on matters of US law. Partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects.
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