Alstom SA (AOMFF.PK, ALS.L), the French manufacturer of rolling stock, has successfully concluded a share capital increase, raising 1 billion euros, inclusive of the issue premium. This event marks the culmination of the company’s declared 2 billion euros deleveraging initiative.
The capital increase with shareholders' preferential subscription rights resulted in gross proceeds of 999.16 million euros, also factoring in the issue premium. The initiative saw the issuance of 76.86 million shares, each with a nominal value of 7 euros, and a subscription price set at 13 euros per share.
During the subscription period, which concluded on June 10, the total demand surpassed 1.7 billion euros, reflecting a substantial subscription rate of approximately 173.4%.
Henri Poupart-Lafarge, Chairman of the Board and CEO of Alstom, emphasized that the success of this capital increase, following the hybrid bond issuance, is instrumental in stabilizing Alstom's credit outlook.
Alstom has committed to a lock-up period that extends 180 calendar days post the settlement and delivery date of the share capital increase, with allowances for certain customary exceptions.
Financial advisory services for the capital increase were provided by PJT Partners and Perella Weinberg Partners. As of the latest trading session in Paris, Alstom shares were priced at 16.55 euros, reflecting a decline of 1.37%.
