Mediobanca acted as Active Joint Bookrunner for Veolia

Mediobanca completed for Veolia the issue of a new hybrid dual-tranche: € 850m 2.250% PNC5.5 & €1,150m 2.500% PNC8.5 notes.

On Wednesday 14th October following a series of fixed income investor calls held the day before, Veolia Environnement (BBB/Baa1/BBB from S/M/F) successfully launched and priced a new € 2bn dual-tranche hybrid transaction with maturities of PNC5.5 and PNC8.5. The bonds were respectively priced at 2.250% and 2.500% (thus implying pricing levels close to their theoretical Fair Values) courtesy of a € 4+bn combined orderbook.

The issuance will be used to refinance, in whole or in part, the acquisition of 29.9% of the Suez shares from Engie. This decision marks a first decisive step in the construction in France of a world champion of the ecological transformation. To this end, Veolia intends to file a voluntary takeover bid for the remaining Suez shares.

The joint bookrunner role has been awarded thanks to the strong relationship of Messier Maris & Associés and Veolia along with an active DOT/DCM coverage.

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