Success of Bel’s new notes issue for €350 million over 5 years
This press release must not be distributed, directly or indirectly, in the United States, Canada, Australia or Japan.
Bel has successfully completed a €350 million notes issue with an annual coupon of 4.375%, representing a spread of 175 basis points over the mid-swap rate, maturing in April 2029. Settlement is scheduled on 11 April 2024.
The issue was nearly 6.6 times oversubscribed with an order book in excess of €2.3 billion. The high level of oversubscription, the quality of the investors and the exceptional terms obtained testify to the very positive perception of Bel’s credit rating and its financial strength.
The proceeds of this issue are intended to cover the general corporate purposes of Bel, including the partial repayment of its outstanding Schuldschein loans maturing from 2025 to 2027, and will enable it to extend the average maturity of its financing.
The notes will be admitted to trading on the regulated market of Euronext in Paris. The prospectus relating to this new issue was approved by the Autorité des marchés financiers on 9 April 2024 under number 24-102.
BNP Paribas, Citigroup, CIC Markets Solutions, Crédit Agricole CIB, HSBC, Natixis and Société Générale Corporate & Investment Banking acted as Joint Lead Managers. BNP Paribas, Crédit Agricole CIB and Natixis also acted as Global Coordinators.
For this transaction, Bel was advised by CMS Francis Lefebvre, which was in charge of drafting the prospectus.
The Joint Lead Managers were advised by Allen & Overy LLP.
