VINCI Launches €375 Million Convertible Bonds Offering

VINCI has announced the launch of a €375 million offering of cash-settled convertible bonds, maturing in February 2030. These bonds provide exposure to VINCI's stock performance but do not entitle holders to new or existing shares as they are settled in cash. Institutional investors are the target audience, excluding retail investors, reflecting a strategic move to manage equity exposure without share dilution.

The bonds carry an annual nominal interest rate between 0.45% and 0.70%, paid semi-annually. An initial conversion price will include a 20% premium on VINCI’s average share price over a specified period. Final terms will be confirmed later, with bonds expected to trade on Euronext Access.

The raised funds will support VINCI's general corporate purposes and the purchase of call options on its shares, aligning with their hedging strategy. This cautious yet strategic financial maneuver reflects VINCI's approach to balancing growth with shareholder value considerations.