Paris – 29 November 2012 – NYSE Euronext (NYX) today announced a successful €11.7 million bond issue by French property developer and promoter CAPELLI on NYSE Alternext in Paris. This is the market’s first Initial Bond Offer (IBO), an innovative instrument allowing SMEs to raise both capital and visibility, and developed by NYSE Euronext to reconnect flows of savings and investment.
Placement took the same form as an IPO of shares, with admission to trading under a global offer that included a public offering in France open to individual investors and centralised by NYSE Euronext, and a global placement with institutional investors by Bil Finance, acting as lead manager and bookrunner. IBI also took part in the issue as advisers to CAPELLI. Retail investors subscribed €4.1 million of the issue.
Holders of CAPELLI bonds, priced at a nominal of €100, will earn 7% fixed interest a year for five years, unless the issuer opts for early redemption starting 4 December 2015. Interest will be paid half-yearly each 4 June and 4 December starting on 4 June 2013. CAPELLI’s healthy finances earned it a BBB rating from independent rating agency Scope Credit Rating on 9 November 2012.
“We are delighted with the success of CAPELLI’s Initial Bond Offering on NYSE Alternext. NYSE Euronext worked closely over a period of several months to fine-tune the structure of this bond offering and give greater visibility to issues by SMEs,” said Marc Lefèvre, Head of European Business Development and Client Coverage, Listings Europe, NYSE Euronext. “Bonds offer businesses an attractive source of additional funding that is both flexible and efficient, and we are convinced that IBOs will encourage individual investors to return to the market. Our goal at NYSE Euronext is to channel domestic savings back into productive investment and allow the stock exchange to steadily increase its contribution to financing the real economy.”
Christophe Capelli, Chairman of the Management Board of CAPELLI, added: “We are particularly proud to have successfully raised €11.7 million from institutional and individual investors, and we would like to thank them and all our partners. Our decision to use the new IBO offer for this issue no doubt added to our credibility. Capital raised will allow us to step up the pace of development of our property promotion offering—a driver for growth and profitability thanks to our innovative ‘duplex villa’ concept.”
Listed on Euronext Paris, Compartment C - ISIN code: FR 0010127530 - Bloomberg CAPLI FP - Reuters CAPLI. PA
Excluding fees, commissions and tax — Repayment of capital in full at redemption except in the event of default by the issuer.
Only the following ESMA-accredited rating agencies are authorised to issue ratings for SMEs under this offer: Creditreform Rating AG, C.P.R., Euler Hermes Rating, GBB Rating and Scope Credit Rating. Financial rating is compulsory.
Features of this offer are taken from the relevant prospectus issued by CAPELLI, which readers are advised to consult for full information on the offer.