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Gecina closes €1B capital raise

Gecina wrapped up the issue of 9,062,091 new shares priced at €110.5 apiece to raise approximately €1.00 billion in a capital increase through a rights issue with preferential subscription rights.

Total subscription orders in the issue reached approximately €2.7 billion, reflecting a subscription rate of approximately 267%.

The new shares will be settled, delivered and will commence trading on Euronext Paris' segment A on Aug. 11. Gecina agreed to a lock-up period ending 90 calendar days following the settlement, subject to certain conditions.

According to the agreement, Crédit Agricole Assurances – Predica, exercised all of its preferential subscription rights and subscribed to an additional €131.8 million worth of shares on a reducible basis, while Ivanhoé Cambridge exercised 1,916,460 preferential subscription rights, representing 3.02% of the total offer, after placing 12,597,643 preferential subscription rights.

The equity raising will allow Gecina to pay the remaining balance in the €2.5 billion bridge facility secured June 20, of which €1.5 billion was canceled following the bond issuance, while the net proceeds from the share capital raise will be channeled toward a partial funding of the takeover of Eurosic. The exchange ratio of the securities exchange portion of the mandatory public tender offer has been set to 23 Gecina shares for 64 Eurosic shares or OSRA bonds.

Morgan Stanley and Deutsche Bank acted as joint global coordinators, joint book runners and lead managers of the share capital increase.

BNP Paribas, Crédit Agricole CIB, Goldman Sachs International, HSBC, Natixis, JP Morgan and Société Générale as Joint Bookrunners and CM-CIC Market Solutions, ING and RBC Capital Markets served as co-lead managers for the capital raise.