SPIE settles its 2028 ORNANEs with 2% capital dilution
In a press release published on October 20, 2026, the multi-technical services group indicated that none of its convertible bonds maturing in January 2028 remain in circulation. The operation was financed in particular by a new bond issuance indexed to sustainable development criteria, and SPIE reports liquidity in excess of 1.5 billion euros following this refinancing.
Issuance of 500 million euros at 5.5 years to finance reimbursement
On September 21, 2026, SPIE placed a bond issuance of 500 million euros indexed to sustainable development criteria, with a maturity of 5.5 years and bearing a coupon of 4.875%. The group specifies that the issuance was completed "in a demanding bond market environment". Its proceeds were used in particular to reimburse the 2028 ORNANEs.
Jérôme Vanhove, SPIE's Chief Financial Officer, stated that "this operation enabled us to opportunistically proceed with the early reimbursement of our ORNANEs". According to him, these transactions "strengthen our financial structure, extend the maturity of our debt and increase our financial flexibility".
The group presents this room for maneuver as intended to support its development strategy, "while maintaining a solid and disciplined financial profile".
The balance of obligations converted into new shares
The 2028 ORNANEs had been issued on January 17, 2023, comprising 4,000 securities with a unit nominal value of 100,000 euros. In July and August 2026, 126 of them were subject to exercise of conversion or exchange rights, resulting in the issuance of 132,106 new shares and a cash payment of approximately 12 million euros.
Within the framework of the buyback offer on September 22, 2026, SPIE subsequently repurchased 2,801 ORNANEs in cash for approximately 388 million euros. Following settlement of this repurchase, 1,073 securities remained in circulation.
Following the announcement of their early cash reimbursement, all remaining holders chose to exercise their conversion or exchange rights rather than receive cash. This final stage resulted in the issuance of 3,365,843 new shares. The total dilution related to the conversion or exchange of the 2028 ORNANEs amounts to 2.0% of share capital.
