Global law firm White & Case LLP has advised on ORPAR’s issue of €200 million bonds due 2024 and exchangeable for existing Rémy Cointreau shares, and the concurrent repurchase of its €200 million exchangeable bonds due 2024.
ORPAR, controlled by the Hériard Dubreuil family, holds directly 40.81 percent of the share capital and 50.83 percent of the voting rights of Rémy Cointreau, the French listed producer of cognac, liqueurs and spirits.
The nominal value of the bonds includes an issue premium of 40 percent over Rémy Cointreau’s reference share price. Each bond is exchangeable for existing Rémy Cointreau shares from the date of issue, subject to customary adjustments. The bonds will bear interest at a rate of 2 percent per annum.
The bonds have been admitted to trading on the open market of the Euro MTF Luxembourg Stock Exchange. The net proceeds of the issue will be used to finance the concurrent repurchase of the outstanding bonds exchangeable for existing Rémy Cointreau shares due 2024.
The placement was led by HSBC as global coordinator and joint bookrunner and BNP Paribas as joint bookrunner.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partners Alexandre Ippolito and Max Turner, counsel Tatiana Uskova and associates Quentin Pipieri and Claire Sardet.
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Read the orginal article: https://www.whitecase.com/news/press-release/white-case-advises-orpars-eu200-million-bonds-issue-and-repurchase-exchangeable
