Clariane Launches a €333M Hybrid Bond Issue to Refinance Its Debt
Clariane announced on Monday the launch of a €333 million offering of perpetual subordinated hybrid bonds, aimed at refinancing its perpetual convertible bonds ODIRNANE.
Refinancing through Hybrid Bonds with a Revisable Fixed Rate
The personal services group is initiating an offering of hybrid bonds with a nominal amount of €333 million, featuring a revisable fixed rate and a non-call period of three years. This issuance aims to fully repay the non-subordinated and convertible perpetual bonds ODIRNANE, with a total nominal amount of €332.5 million.
The gross proceeds from the offering will be used in conjunction with the issuer's available cash to honor this repayment and cover the costs and expenses related to the refinancing. Any proceeds not immediately used will remain on Clariane's balance sheet until they are utilized for the repayment of the ODIRNANE bonds.
Equity Classification According to IFRS Standards
The bonds will be fully accounted for as equity according to IFRS standards for the purposes of the group's consolidated financial statements. An application will be made for the bonds to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market of Euronext Dublin.
The completion of the offering remains subject to market conditions.
