NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO CANADA, JAPAN, AUSTRALIA OR THE UNITED STATES OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS PRESS RELEASE.
PRESS RELEASE - JUNE 12, 2023
Successful issue of €300 million
7-year bond issue bearing interest at 4.5%
Wendel has successfully placed a €300 million bond issue maturing in June 2030 and bearing interest at 4.5%.
The issue was very well received by investors and was more than 2.5 times oversubscribed. Bonds were primarily placed with French (27%), German, Austrian and Swiss (51%) as well as British (5%) investors.
Wendel will use the net proceeds of the issue for its general corporate purposes, including the repurchase of the bond maturing in April 2026 tendered in the context of the offer announced today.
The tender offer to repurchase the bond due in April 2026 up to a maximum tender consideration of €300 million (excluding accrued interests) aims to further optimize the maturity of Wendel's debt.
Features of the bond issue:
| Total amount of the issue | €300 million |
| Maturity | June 19, 2030 |
| Issue price / Reoffer price | 99.401% |
| Yield to maturity | 4.602% |
| Coupon | 4.5% |
| Listing | Euronext Paris |
Crédit Agricole CIB, CIC, Mediobanca and Société Générale serve as active bookrunners for the Bond Issue.
Disclaimer
This press release does not constitute an offer, or an invitation to apply for, or an offer or invitation to purchase or subscribe for any securities either in the United States or in any other jurisdiction which may be subject to restrictions. These securities may not be offered or sold in the United States of America unless they are registered or exempt from registration under the US Securities Act of 1933, as amended.
This press release is an advertisement and not a prospectus within the meaning of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation"). A prospectus will be prepared and made available to the public, in compliance with the Prospectus Regulation, for the purpose of admitting the bonds to trading on the regulated market of Euronext Paris.
This press release does not constitute an offer of securities in France or in any other country. The bonds are the subject of a private placement in France to qualified investors as defined in Article 2(e) of the Prospectus Regulation and in accordance with Article L.411-2 of the Monetary and Financial Code, and outside France. As of the date of this press release, no prospectus related to the placement of the bonds has been approved by a competent authority of any European Economic Area Member State. Wendel will undertake no action as part of this placement with a view to making an offer to the public (other than to qualified investors) in France or abroad.
In the United Kingdom, this press release may be sent to qualified investors as defined in Article 2(e) of the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 only under circumstances wherein section 21(1) of the Financial Services and Markets Act 2000 does not apply.
The dissemination of this press release in any country where such dissemination could constitute a violation of applicable legislation is prohibited.
Agenda
June 15th, 2023
Annual General Meeting
July 27th, 2023
H1 2023 results?-?Publication of NAV as of June 30, 2023, and condensed Half-Year consolidated financial statements (after-market release).
October 26th, 2023
Q3 2023 Trading update?-?Publication of NAV as of September 30, 2023 (after-market release).
December 7th, 2023
2023 Investor Day
About Wendel
Wendel is one of Europe's leading listed investment firms. The Group invests in Europe and North America in companies which are leaders in their field, such as Bureau Veritas, ACAMS, Constantia Flexibles, Crisis Prevention Institute, IHS Towers, Stahl and Tarkett. Wendel often plays an active role as a controlling or significant shareholder in its portfolio companies. Wendel seeks to implement long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. With Wendel Growth (formerly known as Wendel Lab), Wendel also invests via funds or directly in innovative, high-growth companies.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's ratings: Long-term: BBB, stable outlook?-?Short-term: A-2 since January 25, 2019
Moody's ratings: Long-term: Baa2, stable outlook since September 5, 2018
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of 'Grand Mécène de la Culture' in 2012.
For more information: wendelgroup.com
Follow us on Twitter @WendelGroup
Press contacts
Christine Anglade-Pirzadeh: +33 (0)1 42 85 63 24
c.anglade@wendelgroup.com
Caroline Decaux : +33 (0)1 42 85 91 27
c.decaux@wendelgroup.com
Primatice
Olivier Labesse : +33 (0)6 79 11 49 71
olivierlabesse@primatrice.com
Hugues Schmitt : +33 (0)6 71 99 74 58
huguesschmitt@primatice.com
Todd Fogarty: + 1 212 521 4854
Kekst CNC
todd.fogarty@kekstcnc.com
Analyst and investor contacts
Olivier Allot: +33 (0)1 42 85 63 73
o.allot@wendelgroup.com
Lucile Roch : +33 (0)1 42 85 63 72
l.roch@wendelgroup.com
