SPIE accepts buyback of 70% of its 2028 ORNANEs for approximately 388 million euros
SPIE announced the results of the buyback of part of its convertible bonds maturing in January 2028. The operation covers 2,801 securities and is part of the multi-technical services group's debt management.
The balance of securities not repurchased will be subject to early redemption on October 22, 2026.
A buyback covering 280.1 million euros of principal
On September 24, 2026, SPIE announced the results of the buyback of its bonds with cash repayment option and/or shares indexed to sustainable development criteria maturing in January 2028 (ORNANEs 2028), an operation launched on September 22, 2026.
Following a reverse book-building process conducted by BNP Paribas and Natixis as Joint Dealer Managers, the company accepted the buyback of 2,801 ORNANEs 2028, for a total principal amount of 280.1 million euros. This volume represents approximately 70% of the total number of ORNANEs 2028 originally issued.
The final unit repurchase price was set at 138,487 euros per ORNANE 2028, for a total amount of approximately 388 million euros. This price takes into account an initial unit price of 135,000 euros, adjusted for the change in SPIE's share price between September 22 and 24, 2026, representing a reference price of 44.1118 euros. The company will also pay accrued interest up to the settlement and delivery date.
Settlement conditional on a new bond issuance
The settlement and delivery of the buyback is expected to take place on October 1, 2026. It remains conditional on the settlement and delivery of the new bond issuance indexed to sustainable development criteria maturing in 2032, for an amount of 500 million euros, scheduled for September 28, 2026.
The ORNANEs 2028 acquired as part of the buyback will be cancelled under the conditions provided for in their terms and conditions.
Early redemption of remaining securities on October 22, 2026
SPIE recalled that it would proceed with the early redemption of the 1,073 ORNANEs 2028 remaining in circulation following the buyback. The early redemption date is set for October 22, 2026, at their unit nominal value increased by accrued interest, namely 100,527.17 euros per ORNANE 2028.
Holders retain the possibility of requesting the exercise of their conversion and/or exchange rights until October 13, 2026 inclusive. The company reiterated its intention to deliver, in the event of exercise, new and/or existing shares only.
