Bredin Prat advises Bpifrance Investissement in connection with Alstom’s ca. €1 billion share capital increase

Bredin Prat is advising Bpifrance Investissement in connection with Alstom’s share capital increase with preferential subscription rights of ca. €1 billion, the final step in its deleveraging plan.

On 27 May 2024, Alstom launched its ca. €1 billion share capital increase with preferential subscription rights, thus executing the final step of its deleveraging plan that also includes asset disposals representing ca. €700 million and the issue of €750 million hybrid bonds with 50% equity content for Moody’s, the successful placement of which was announced on 23 May 2024.

The subscription price for the new shares will be €13.0 per new share (i.e., a nominal value of €7.0 and an issue premium of €6.0), with the subscription period beginning on 30 May 2024 and ending on 10 June 2024 (inclusive). Delivery and settlement of the new shares, as well as admission to trading, will take place on 17 June 2024.

Caisse de dépôt et placement du Québec (“CDPQ”) and Bpifrance Investissement (through the SLP Lac 1 fund), which currently hold respectively 17.4% and 7.5% of Alstom’s share capital, have each undertaken to subscribe for their respective pro-rata share of the capital increase (i.e., a total amount of €173.8 million for CDPQ and a total amount of €75.0 million for Bpifrance Investissement).

The Bredin Prat team advising Bpifrance Investissement included Olivier Saba (partner), Benjamin Kanovitch (partner), Douceline Chabord (counsel) and Thierry Nkiliyehe.