Global law firm White & Case LLP has advised Suez Environnement on the issue of €500 million perpetual subordinated bonds.
The bonds, which were issued on March 30, 2015 and are listed on the regulated market of Euronext Paris, have a first repayment option after seven years and pay an annual coupon of 2.5 percent until this date, resettable every five years after the first call date. They will rank junior to all senior debt and, in accordance with IFRS, be accounted as 100 percent equity, and as 50 percent equity by ratings agency Moody's.
This new bonds issue allowed the company to proceed, concomitantly, to the buy-back and early redemption of remaining hybrid bonds issued in September 2010, for an amount of €450 million, which bear interest at a rate of 4.82 percent.
The White & Case team in Paris which advised the company on its new bond issuance was led by partner Séverin Robillard with support from associates Grégoire Karila, Petya Georgieva and Isabelle Touré-Farah.
For more information please speak to your local media contact.