PARIS, FRANCE: Engie SA has completed the sale of 3.7 million shares of Gaztransport & Technigaz (GTT) at €67/share and raised €248 million through a private placement executed through an accelerated bookbuilding process.
Concurrently with the equity placement, Engie priced exchangeable bonds due 2024 for an aggregate nominal amount of €290 million, which will be exchangeable into GTT shares at an exchange price of €78.25 corresponding to a premium of 20% above the placing price of the Equity Placement.
Through the equity placement, GTT purchased 0.2 million shares (equivalent to 0.5% of share capital) at the placing price of the equity placement.
The bonds will not bear interest and will have a maturity of 3 years (except in case of an early redemption). The bonds will be issued at a price of 103.5% of the principal amount and will be redeemed at their principal amount at maturity, corresponding to an annual yield to maturity of 1.14%.
The exchange price of the Bonds was set at €78.25, corresponding to a premium of 20% to the placing price of the Equity Placement1.In case of exchange in full of the Bonds, ENGIE will retain a stake of approximately 20% in GTT’s share capital.
The Transaction follows ENGIE’s announcement on 13 November 2020 of an enhanced divestment programme and initiation of a strategic review of options for its shareholding in GTT, including a sell-down of all or part of ENGIE’s shareholding via equity capital markets.
ENGIE will use the net proceeds of the Transaction for general corporate purposes. ENGIE has agreed to a 90-day lock-up for their remaining shares in GTT.
Citigroup Global Markets Europe AG and Morgan Stanley Europe SE acted as Joint Global Coordinators on the Equity Placement and the Bond Issue.
Engie SA
12.50 EUR −0.088 (0.70%)
26 May, 9:41 am GMT+2 · Disclaimer
EPA: ENGI
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