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Stibbe advises Constellium

Stibbe advises Constellium

10.11.2017 NL law

Stibbe advises Constellium N.V. on its offerings of ordinary shares and notes and on its cash tender offers of notes.

A company incorporated in the Netherlands and operating globally, Constellium N.V. is active in the design and manufacturing of a broad range of innovative rolled and extruded aluminium products, serving primarily the packaging, aerospace and automotive end-markets. The shares in Constellium N.V. are listed on the NY Stock Exchange and Euronext Paris.

In a public offering of new shares, 25,000,000 newly issued Class A ordinary shares in Constellium were priced at $11.00 per share. Following full exercise of the greenshoe option by the underwriters Deutsche Bank and Credit Suisse, an additional 3,750,000 shares were issued.

Together with the equity offering, $500 million senior unsecured US dollar notes due 2026 and €400 million senior unsecured euro notes due 2026 were privately offered. The Dollar Notes will bear interest at a rate of 5.875% per annum, and the Euro Notes will bear interest at a rate of 4.250% per annum. Stibbe also advises on the application for the Euro Notes to be admitted to trading on the Euro MTF market operated by the Luxembourg Stock Exchange.

Constellium expects to use the net proceeds from the equity offering and the notes offerings, together with cash on hand, to repurchase pursuant to tender offers all of its outstanding 7.875% Senior Secured Notes due 2021, 7.00% Senior Notes due 2023, and 8.00% Senior Notes due 2023.

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