Fugro successfully raises EUR 116 million through an accelerated bookbuild offering of new ordinary shares, as part of new EUR 516 million comprehensive sustainability-linked financing
De Brauw acted as lead counsel to Fugro in a rare mid-summer accelerated bookbuild offering of new ordinary shares, raising approximately EUR 116 million. The offering was supported by certain pre-committed investors NN Investment Partners B.V., ASR Vermogensbeheer N.V, Sterling Strategic Value SA-SICAV RAIF as well as Stichting Value Partners Family Office, who together agreed to subscribe for over 50% of the deal size.
In addition, Fugro repurchased EUR 9 million in principal amount of the outstanding subordinated convertible bonds due 2024 via a private transaction.
The accelerated bookbuild offering was part of a new comprehensive sustainability-linked financing arrangement, also consisting of a EUR 200 million 3-year revolving credit facility and a EUR 200 million 3-year term loan, which elements will replace the existing EUR 250 million revolving credit facility and EUR 188 million term loan.
The proceeds of the accelerated bookbuild offering and the refinancing will be used to refinance existing indebtedness including an investor put of the 2024 Convertible Bond outstanding, and for general corporate purposes.
As trusted lead legal adviser to Fugro, De Brauw was involved in all strategic and legal aspects of various refinancing solutions that were explored for a longer period. We advised on the complex interaction of various potential transaction structures, including the arrangements with cornerstone investors, the accelerated bookbuild offering, the private repurchase of outstanding convertible bonds, we ran the interface between workstreams, guided Fugro through the large number of strategic and legal issues and documents, negotiated with the banks (on the debt and equity side) and we ensured that the process was run efficiently. We will continue to assist Fugro with the implementation of the new financing. This matter is a prime example of a multidisciplinary effort by our firm, demonstrating seamless cooperation between the various teams involved, including the ECM and Finance teams.