Mediobanca is acting as joint bookrunner for Cellnex Telecom

Mediobanca participated as Joint Bookrunner in the €2.5bn capital increase successfully completed by Cellnex Telecom, S.A.

On the 22nd July 2020, Cellnex Telecom (Europe’s leading operator of wireless telecommunications infrastructure) announced a fully underwritten €4bn Rights Issue

This is the third Cellnex Rights Issue, less than one year after the previous €2.5bn capital increase in October 2019, and following its inaugural €1.2bn Rights Issue in March 2019

  • Gross proceeds of the fully underwritten Rights Issue: €4bn
  • Number of new ordinary shares: 101,382,140 (c. 18.50% of pre-money market capitalization)
  • Issue price: €39.45
  • Subscription ratio: 5 new for 19 old
  • Discount to TERP: 25.09% (TERP of €52.66 based on €56.14 closing price of the 22nd July 2020)
  • The subscription period started on 25th July and ended on 8th August
  •  On 14th August, a 99.45% take up was announced, with an oversubscription of the offer greater than 46.3x

Cellnex intends to use the proceeds from the offering to expand its existing infrastructure portfolio consistent with the current strategy of growth via acquisitions.
Cellnex expects to invest or commit to invest the net proceeds of the capital increase within a maximum period of 18 months.

Irrevocable commitments from existing shareholders: c. 18.8% of existing share capital (ADIA c. 6.73%; GIC c. 6.73%; CPPIB c. 4.95%; Permian c. 0.29% and c. 0.06% of certain Directors and Senior Managers of the Company).

This is the 4th largest corporate Rights Issue in Europe in the last 10 years, the largest European Rights Issue since 2018 and likely to be the biggest European ECM deal of 2020.

As its 9th ECM deal in the Towers sector (and 5th active role with Cellnex), this confirms Mediobanca’s leadership in this attractive TMT niche.

The deal represents another milestone in Mediobanca’s strong and strategic effort to make Spain a core country alongside Italy and it is the 8th ECM role in Iberia over the last three years (JBR on Cellnex Convertible Bond, €2.5bn Rights Issue & Co-Lead on €1.2bn Rights Issue in 2019, Sole Bookrunner role on Cellnex ABB in 2018 and roles on the BCP Millenium, Liberbank and Santander Rights Issues in 2017).

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