Clariane has successfully completed an offering of €333 million in undated deeply subordinated fixed rate resettable notes. The notes carry a fixed coupon of 7.875% per annum for the first three years, after which the rate resets every five years based on the mid-swap rate plus the initial margin plus 500 basis points, with an additional 5.00% step-up upon a change of control if not redeemed. The offering drew strong demand from institutional investors in France and abroad, resulting in a solid oversubscription. Clariane intends to use the proceeds, together with cash on hand, to fully repay its outstanding €332.5 million of undated unsubordinated unsecured bonds convertible into new shares or exchangeable for existing shares, known as ODIRNANE Bonds, ahead of the interest rate step-up scheduled for 8 September 2026. Settlement is expected on 29 June 2026, and the notes will be listed on the Global Exchange Market of Euronext Dublin.
Clariane SEClariane successfully priced €333M hybrid notes to refinance higher-cost convertible bonds, reducing interest rate risk and improving capital structure.