Exail Technologies Announces Additional €150 Million Bond Issue
On January 12, Exail Technologies announced the launch of an additional issuance of undated subordinated convertible bonds (ODIRNANE) with a nominal amount of €150 million, featuring an extension option of €25 million. These new bonds will be assimilated with those issued in October 2025 for €300 million.
Details of the Bond Issuance
According to the press release, the new bonds will be issued through an accelerated bookbuilding process with the elimination of the shareholders' preferential subscription rights. The securities will be denominated in euros, undated, unsubordinated, and convertible into new shares or exchangeable for existing shares of the company. The issuance price will be determined during this process and is expected to be announced by January 13, 2026, at the latest. The settlement-delivery and admission to trading on Euronext Access are scheduled for January 20, 2026. BNP Paribas is acting as the sole structurer and, together with Natixis, as the joint global coordinator and associated bookrunner for the transaction. The offer is restricted to qualified investors, including professional clients and eligible counterparties.
Assimilation and Conditions
According to the group, the new bonds will be issued under the same terms, except for the issuance date and price, as the €300 million undated, unsubordinated bonds issued on October 1, 2025, with ISIN code FR00140112G1. From the settlement-delivery date, the new bonds will be fully fungible and assimilated with the existing bonds and traded on the same quotation line. They will also benefit from the European Defence Bond label from Euronext, recently awarded to the existing bonds. As part of the offer, the company has agreed to a lock-up commitment on its shares and securities granting access to the share capital, ending 90 calendar days after the issue date, subject to customary exceptions. Gorgé S.A., the main shareholder of Exail Technologies, has also agreed to a similar lock-up commitment.
Use of Proceeds
According to the press release, the net proceeds from the offer will be used for the general needs of the company, including the future refinancing of the acquisition of iXblue completed in 2022. This acquisition was notably financed by the investment fund ICG, with a structure including a tranche of €81.3 million in bonds maturing in January 2030 and a tranche of €149.7 million in preferred shares. These preferred shares have a four-year lock-up period ending in September 2026, after which the parties aim to ensure liquidity for both the bonds and the preferred shares. The operation is part of the group's financing strategy, which had already carried out a first issuance of convertible bonds in October 2025.
