Global law firm White & Case LLP has advised a bank syndicate led by Deutsche Bank, acting as Global Coordinator, and comprising Crédit Agricole CIB, Morgan Stanley, Citi, Goldman Sachs and Natixis as Joint Lead Managers and Joint Bookrunners, and Société Générale and UniCredit as Co-Bookrunners, on Alcatel-Lucent's issuance of bonds convertible into and/or exchangeable for new or existing shares (OCEANE) due 2018.
The transaction, which amounts to approximately €630 million, was launched on June 26, 2013 and is the largest convertible bonds issue in France since 2009.
The purpose of the bond issue, which is part of Alcatel-Lucent's Shift Plan (a three-year programme to reposition the company as a specialist in IP Networking and Ultra-broadband, while significantly reducing costs and addressing its debt profile), is to extend the maturity of the group's debt by financing the repurchase of the bonds convertible into and/or exchangeable for new or existing shares (OCEANE) due 2015.
Concurrently with the private placement of the 2018 OCEANE, Alcatel-Lucent has solicited, via Deutsche Bank, Citi and Natixis, indications from certain holders of 2015 OCEANE outside the United States of their interest in selling these shares to the company as part of a reverse bookbuilding process.
In addition, to ensure fair treatment of all 2015 OCEANE holders, the company undertook to place a standing order to purchase all the outstanding 2015 OCEANE on the market in France (offre de désintéressement). The company will therefore buy back the 2015 OCEANE on the market in France for a five-day trading period at the price resulting from the reverse bookbuilding.
Alcatel-Lucent's shares are listed on Euronext Paris and on the New York Stock Exchange.
In Paris, the White & Case capital markets team advising on this transaction was led by partners Séverin Robillard and Thomas Le Vert, with the assistance of associates Tatiana Uskova and Antonin Deslandes. Partner Colin Chang handled US law aspects, while tax issues were handled by partner Alexandre Ippolito with the assistance of associate Marcus Schmidbauer.
For more information please speak to your local media contact.