Global law firm White & Case LLP acted as deal counsel on Siclaé's issuance of bonds convertible into new shares for approximately €70 million, which may increase to a total of €80 million upon the full exercise of an extension clause. The convertible bonds will mature in 2021.
Siclaé is an agri-food player focused on creating value by processing cereal crops (barley, malt, wheat, corn). The Siclaé group is active in 24 countries across four continents and generated revenue of €2.5 billion for the fiscal year ending June 30, 2013.
The bond issue, which has been subject to a prospectus approved by the French Autorité des marchés financiers, is reserved in priority for employees and members of the cooperative limited partners of the company and to employees of the group. None of the convertible bonds or the shares of the company are admitted to trading on any market.
The purpose of the issue is to finance the group's development projects, in particular the investment plan of the malting (Malteurop) and milling (NutriXo) businesses and, upon conversion of the bonds, to strengthen the Company's capital structure. Société Générale and Banque Hottinguer acted as Joint Lead Managers on the issue.
In Paris, the White & Case team advising on the transaction was led by partners Hugues Mathez and Thomas Le Vert with the assistance of associates Bénédicte Braquehaye, Agathe Senlecq and Antonin Deslandes. Tax issues were handled by partner Alexandre Ippolito with the assistance of associate Marcus Schmidbauer.
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