ALSTOM SA: Alstom successfully places a €750m hybrid bond issuance

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Alstom successfully places a €750m hybrid bond issuance

23 May 2024 – Alstom has successfully placed today an issuance of €750 million in principal amount of deeply subordinated (or "hybrid”) bonds. The bonds bear a fixed rate coupon of 5.868% per annum for the first 5.25 years and a resettable rate every 5 years thereafter. They are direct, unconditional, unsecured, undated and deeply subordinated obligations (titres subordonnés de dernier rang) of the issuer. Moody’s has informed the issuer that it will assign a 50% equity content to the bonds¹ which will be rated Ba2, two notches below Alstom's Baa3 senior unsecured rating.

The transaction was massively oversubscribed, reflecting strong demand across geographies and investor classes.

The issuance is pursuant to Alstom’s previously announced €2 billion inorganic deleveraging plan. The proceeds of the issuance, along with those of the other components of the deleveraging plan, will be used to repay approximately €1.2 billion of short-term debt by September 2024 and the remainder will be invested in highly liquid short-term investments and will be earmarked for gross debt reduction at maturity.

BNP Paribas, BofA Securities Europe and HSBC acted as global coordinators and joint bookrunners for the issuance. Citigroup Global Markets Europe, Natixis, SMBC Bank EU, UniCredit Bank acted as active bookrunners, while Commerzbank Aktiengesellschaft and Intesa Sanpaolo acted as passive bookrunners. PJT Partners and Perella Weinberg Partners acted as financial advisors to Alstom, Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors to Alstom and White & Case LLP as legal advisors to the banks.

1 Alstom will account for the bonds entirely as equity under IFRS.

Disclaimer

This press release is for information purposes only and is not an offer to sell securities or a solicitation to buy securities in any jurisdiction. The securities mentioned in this press release were not and will not be offered through a public offering and no related documents will be distributed to the public in any jurisdiction. This press release does not constitute an offer or sale of any securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Alstom does not intend to register any of the securities mentioned in this announcement in the United States or to conduct a public offering of securities in the United States. This press release shall not be released, published or distributed directly or indirectly to any U.S. Person or in or into the United States (each as defined in Regulation S under the U.S. Securities Act of 1933, as amended) or in any jurisdiction where it is unlawful to release, publish or distribute this press release.

This press release is an advertisement and not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the "Prospectus Regulation”). The final prospectus, when published, will be available on the website of the Autorité des marches financiers (www.amf-france.org) and on the website of the Issuer (www.alstom.com).

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