Soitec launches a €500 million ORNANE bond issuance maturing in 2033
The Isère-based semiconductor materials manufacturer announced on September 17, 2026 the launch of a convertible bond placement with qualified investors, with the proceeds intended to be allocated to the company's general needs.
The transaction is accompanied by a simultaneous placement of existing shares, designed to facilitate the underwriters' hedging.
A convertible bond issuance maturing in 2033 reserved for qualified investors
Soitec has launched an issuance of bonds with option for cash redemption and/or redemption in new and/or existing shares (ORNANEs) maturing in September 2033, for a nominal amount of €500 million. The placement is carried out exclusively with qualified investors, without a public offering, on the basis of the authorization voted at the extraordinary general meeting of July 22, 2025.
The bonds, with a nominal value of €100,000 each, will bear a fixed annual interest rate between 0.50% and 1.00%, payable on September 25 of each year starting from 2027. The conversion or exchange premium will be between 50% and 55% above the reference price of the share.
The issuance date will occur on September 25, 2026 and redemption at par will occur at the maturity date, September 25, 2033, unless conversion, exchange or early repurchase. Bondholders may request early redemption on the fifth anniversary of the issuance date.
Proceeds allocated to general needs and simultaneous placement of shares
Soitec intends to allocate the net proceeds of the issuance to the company's general needs, which may in particular include refinancing of existing debt and investments intended to support the company's organic growth.
Concurrently with the issuance, certain members of the banking syndicate have informed the company that they are organizing a simultaneous placement of existing shares, at a price determined by accelerated order book building. Soitec will receive no proceeds from these share sales. The ORNANE structure would make it possible to limit dilution to existing shareholders in case of conversion, at the company's discretion.
The company plans to announce the definitive terms of the bonds and the price of the shares in the simultaneous placement before the market opening the following day. The Company will also grant a lock-up commitment beginning at the announcement of the definitive terms of the bonds and ending 90 calendar days after the issuance date, subject to customary exceptions.
