Alstom in €1 Billion Rights Offering and €750 Million Inaugural Hybrid Bonds Offering

Cleary Gottlieb is representing Alstom in both a €1 billion rights offering that launched on May 27, 2024, and a €750 million inaugural issue of deeply subordinated (or hybrid) bonds that priced on May 23, 2024.

The transactions are part of Alstom’s €2 billion deleveraging plan, aimed at maintaining its investment grade rating.

The rights offering is expected to close on June 17, 2024, and the hybrid bonds offering is expected to close on May 29, 2024.

The rights offering consists of a public offering in France and an international private placement, including a Rule 144A placement in the United States, and is being underwritten by a banking syndicate led by BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan, and Société Générale as joint global coordinators. The hybrid bonds were placed internationally with institutional investors in an offering underwritten by a banking syndicate led by BNP Paribas, BofA Securities Europe, and HSBC, and will be listed on Euronext Paris.