Technip in Innovative €375 Million Non-Dilutive Cash Settled Convertible Bond Offering

Cleary Gottlieb represented Technip in a €375 million offering of non-dilutive cash settled convertible bonds. The offering launched and priced on January 20 and closed on January 25.

This new debt financing was raised through a structure combining the issue of non-dilutive cash-settled convertible bonds with the purchase of cash-settled call options to hedge Technip’s economic exposure to the potential exercise of the conversion rights under the bonds. As the bonds will only be cash settled, they will not result in the issuance of new ordinary shares or the delivery of existing ordinary shares of the company upon conversion.

Technip is a world leader in project management, engineering and construction for the energy industry.