Exail Technologies Raises 200 Million Euros Through Perpetual Bond Issue
Exail Technologies announces the successful issuance of an additional 200 million euros in perpetual bonds (ODIRNANE), according to a press release dated January 13. These securities will be fully assimilated with the 300 million euros of bonds issued in October 2025.
Details of the New Bond Issue
The issuance price of the new bonds was set at 127% of their nominal value, the group states. The company will also collect accrued interest related to the new bonds for the period from October 1, 2025, to the settlement date. In total, Exail Technologies will raise 256 million euros. The new bonds are issued under the same terms as the existing bonds issued on October 1, 2025, except for the issuance date and price. The settlement and admission to trading on Euronext Access are expected to take place on January 20, 2026. These securities bear the ISIN code FR00140112G1 and will be fully fungible with the existing bonds upon settlement.
Potential Dilution and Details of the Operation
As an illustration, according to the press release, the potential maximum dilution would represent about 10.8% of the company's current share capital if the right of conversion or exchange were exercised for all the bonds and Exail Technologies opted to issue only new shares upon exercising this right. The issue concerns 2,000 new bonds with a nominal value of 100,000 euros each. In this operation, the company and its main shareholder, Gorgé S.A., have agreed to a lock-up commitment on shares and securities granting access to the share capital, ending 90 calendar days after the issue date, subject to customary exceptions.
Use of Proceeds from the Offering
The net proceeds from the offering will be used for the general needs of the company, including the future refinancing of the acquisition of iXblue completed in 2022, the press release specifies. This acquisition had been financed in part by a loan from the investment fund ICG, structured in two tranches at the level of Exail Holding: a tranche of 81.3 million euros in bonds maturing in January 2030, and a tranche of 149.7 million euros in preferred shares. BNP Paribas acted as the sole structurer and, jointly with Natixis, as the global joint coordinator and associated bookrunner of this operation.
