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Vinci is the major French holding company operating in Building, Infrastructures and Construction sectors with a €18.6bn market capitalisation
Vinci was on the road the third week of November to meet investors in Paris, London, Frankfurt, Amsterdam and Munich.
Despite a heavily attended roadshow, and given the current markets volatility, the issue was launched two weeks later. This is the first benchmark senior unsecured Eurobond issued by the holding company for 9 years. The issue benefited of a very strong appetite from the market with a €5.5bn orderbook
The proceeds from this benchmark transaction will be used for general corporate purposes
SG CIB was appointed as initial co-arranger and bookrunner of $300 M in export pre-financing for a five-year period on behalf of OJSC Uralkali.
Uralkali is a vertically integrated potash production company with control over the whole production chain, from potash ore mining through supply to end-buyers. Since the finalisation of its merger with Silvinit in June 2011, Uralkali has become one of the main producers and the largest potash exporter in the world.
The facility is secured by commercial contracts between Uralkali, its Swiss trading subsidiary Uralkali Trading, and the end-buyers. It will finance the company’s working capital requirements.
SG CIB also supported CRH in its raising of secured debt in Q3 2011 (30/08/11). With a book of quality orders exceeding €1.7 B, CRH issued €1.5 B with a 10-year maturity at MS+85bp, in line with the official guidance. Insurance and pension funds represented 70% of allocations, and five tickets were greater than €100 M.
This long-maturity operation was the first to come from a French issuer on the Covered Bonds primary market after several weeks of high volatility on the French banking sector. This transaction is also the fourth benchmark issue for CRH in 2011 (with SG CIB as a bookrunner in the four operations).
SG CIB was appointed as Principal Arranger (MLA) and Bookrunner for the €222.5 million LBO financing permitting the acquisition by Astorg de Saverglass.
Based in northern France, Saverglass is the world leader with a 30% market share in the manufacture of high-end glass bottles for wine and spirits.
SG CIB was involved in SPIE’s second LBO financing by Clayton, Dubilier & Rice, Axa Private Equity, and the Quebec Deposit and Investment Fund. The company was previously held by PAI Partners since the first LBO carried out in 2006 with the involvement of SG CIB as arranger. This transaction is the largest LBO transaction in recent years with a total amount of €2.1 B.
SG CIB acted as coordinator, bookrunner, principal arranger, and agent for the €1.085 B senior facility. SG CIB also acted as financial advisor in association with Deutsche Bank for sellers (PAI Partners and Management). Lastly, SG CIB acted as syndication agent and joint bookrunner in the Bridge financing upstream of the €385 M High Yield issue.
Spie’s primary activity is the provision of electrical, mechanical, and environmental engineering services to a vast range of customers of the public, industrial, and commercial sector mainly in France as well as Germany, Benelux, the United Kingdom, Spain, Portugal, and Morocco.
SG CIB co-managed the EU’s 7-year bond issue (Aaa/AAA/AAA) for €1.1 B. This issue is part of the European Financial Stability Mechanism (EFSM). Used to finance the loan granted to Portugal and Ireland, the transaction was priced at a spread of MS+15bp.
Against a backdrop of high volatility, SG CIB played a key role in the reopening of the Covered Bond primary market at the end of August. SG CIB supported in particular Unicredit during its 10-year Covered Bond issue performed on 25 August 2011. The Italian bank thus successfully completed the first transaction by a peripheral country issuer since the Credito Emiliano OBG issue on 8 June (SG CIB Bookrunner).
This operation was priced at MS+215bp, at the bottom of the initial spread range (MS+215/220bp) amounting to €1 B, in line with the maximum size announced by the issuer. The transaction offers an attractive 5% coupon in a context of widespread decreases in long rates and has benefited from very large orders (>€100 M) from several quality investors (Insurers and Central Banks in particular).
SC CIB acted as lead investor and joint bookrunner in the $1.9 B Jastrzebska Sp ó Lka Weglowa (JSW) IPO.
JSW is the largest producer of high-quality hard coal as well as one of the main coke producers within the European Union. The IPO is part of Poland’s privatisation programme with the government’s 33% capital sale on the Warsaw Stock Exchange.
On 26 April 2011, the Lactalis group announced the launch of a take-over bid for all Parmalat S.p.A outstanding shares. This offer values Parmalat at €4.7 billion. This transaction follows the announcement on 22 March 2011 of the acquisition by Lactalis of an initial 29% equity interest in Parmalat for a total of €1.3 billion.
On 8 July, Lactalis announced the offer’s success and purchased 54.3% of Parmalat, resulting in a total equity interest of 83.3%.
For this operation, SG CIB acted as arranger, lead investor, bookrunner, and agent for the financing of the €7.5 billion transaction, jointly with Crédit Agricole, HSBC, and Natixis.
SG CIB also acted as sole financial advisor for Lactalis.
SG CIB is involved as general coordinator, co-arranger, and bookrunner of two credit facilities totalling $2,650 M. These facilities are made up of a $1,500 M revolving facility and a $1,150 M export prepayment facility for Votorantim Participações S.A. subsidiaries.
The $1,150 M export prepayment facility, which is split between a seven-year tranche and an eight-year tranche, will be used to refinance and extend the maturity profile of Votorantim’s existing debt.
Votorantim is one of the largest private Latin American conglomerates and is divided into two main segments: a financial segment (for the company’s financial operations) and an industrial segment in which the company is a market leader on its main business lines: cement, non-ferrous metals, pulp, and paper.