Gide advised Veolia on its €400 million non-dilutive convertible bonds issuance

Gide advised Veolia Environnement on its €400 million non-dilutive cash-settled convertible bonds issuance, maturing in 2032.

The bonds bear interest at an annual nominal rate of 0.75%, payable semi-annually, and have been admitted to trading on Euronext Access.

Concurrently with the issuance, Veolia Environnement entered into cash-settled call options transactions with bank counterparties to hedge its economic exposure in case of exercise of conversion rights attached to the bonds. As the bonds are exclusively cash-settled, holders will not be entitled to any new or existing shares of Veolia Environnement.

Gide’s team was led by partners Arnaud Duhamel and Laurent Vincent, assisted by Aude-Laurène Dourdain, counsel, Julien Gerson and Joshua Barathon, associates.