Icade Santé’s €600 Million Social Bonds Offering

Icade Santé's €600 Million Social Bonds Offering

White & Case LLP advised Icade on the offering, while Allen & Overy advised the banking syndicate.

Icade executed its new €600 million bond issue maturing in 2031 with a 0.625% fixed coupon. 

The bonds, which are admitted to trading on the regulated market of Euronext Paris, were placed through an international private placement to institutional investors. The banking syndicate included BNP Paribas, Crédit Agricole CIB, HSBC, Natixis and Société Générale Corporate & Investment Banking.

Icade will allocate part of the net proceeds of the issuance to finance the exercise of a make-whole call on bonds issued on September 14, 2015 for an initial amount of €500 million at a 1.875% fixed coupon, of which the outstanding principal amount is €395.7 million.

Icade is an office and healthcare property investment company with a €14.4 billion portfolio on a full consolidation basis at June 30, 2020. It is also a developer of homes, offices and public amenities and its shares are admitted to trading on the regulated market of Euronext Paris.

The White & Case team in Paris which advised Icade on the transaction was led by partners Thomas Le Vert (Picture) and Séverin Robillard with support from associates Boris Kreiss and Thierry Nkiliyehe.

Allen & Overy advised the banking syndicate with a team including Julien Sébastien, Quentin Henry, and d’Emilie Ferre.

Involved fees earner: Emilie Ferré – Allen & Overy; Quentin Henry – Allen & Overy; Julien Sébastien – Allen & Overy; Boris Kreiss – White & Case; Thomas Le Vert – White & Case; Thierry Nkiliyehe – White & Case; Séverin Robillard – White & Case;

Law Firms: Allen & Overy; White & Case;

Clients: BNP Paribas; Crédit Agricole Corporate and Investment Bank; HSBC; Icade S.A.; Natixis; Société Générale Corporate & Investment Banking;

Author: Ambrogio Visconti