Compagnie de Saint-Gobain’s Annual Update of €20 Billion EMTN Program and €1.5 Billion Offering

On July 4, 2024, Cleary Gottlieb represented Société Générale, as arranger, and Banco Bilbao Vizcaya Argentaria S.A., Banco Santander S.A., BNP Paribas, Citigroup Global Markets Europe AG, Crédit Agricole Corporate and Investment Bank, Goldman Sachs Bank Europe SE, ING Bank N.V. Belgian Branch, J.P. Morgan SE, SMBC, NatWest Markets N.V., and Société Générale, as dealers, and acted as deal counsel in connection with Compagnie de Saint-Gobain’s annual update of its EMTN program, the amount of which was increased from €15 billion to €20 billion.

The notes to be issued under the EMTN program are governed by English law and bear either fixed, floating, fixed/floating, inverse floating, or inflation linked interest rates, and are either listed or non-listed.

On July 29, 2024, Cleary represented Crédit Industriel et Commercial S.A. and BofA Securities Europe SA, as global coordinators, and BofA Securities Europe SA, Crédit Industriel et Commercial S.A., Morgan Stanley Europe SE, SMBC Bank EU AG, UniCredit Bank GmbH, Commerzbank Aktiengesellschaft, Goldman Sachs Europe SE, and RBC Capital Markets (Europe) GmbH, as active bookrunners, and acted as deal counsel in connection with Compagnie de Saint Gobain’s €1.5 billion bond offering under its EMTN program.

The transaction consisted in an offering of €800 million aggregate principal amount of 3.25% notes due August 9, 2029 and €700 million aggregate principal amount of 3.625% notes due August 9, 2036.

The transaction priced on July 31, 2024, and closed on August 9, 2024.

Compagnie de Saint-Gobain will use the net proceeds of the offering for general corporate purposes.

Compagnie de Saint-Gobain is a leading player in the design, manufacturing, and distribution of materials and services for the construction and industrial markets, and the worldwide leader in light and sustainable construction.