Press Release

White & Case Advises VINCI on US$450 Million Synthetic Convertible Bonds Offering

Global law firm White & Case LLP has advised VINCI, a global concessions and construction company, on its US$450 million offering of non-dilutive convertible bonds due 2022, redeemable in cash only.

The bonds will bear interest at an annual nominal rate of 0.375 percent payable semi-annually. They were admitted to trading on the Open Market (Marché Libre) of Euronext Paris and on the Open Market of the Frankfurt stock exchange (Freiverkehr). The net proceeds of the issuance will be used for VINCI's general corporate purposes.

VINCI purchased cash-settled call options to hedge its economic exposure to the potential exercise of the conversion rights embedded in the bonds. As the bonds will only be cash-settled, they will not give rights to any new or existing VINCI shares.

The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Grégoire Karila, with support from counsel Elsa Imbernon and associate Mathieu Damnon.

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