Electricité de France Completes €4 Billion Capital Increase

March 30, 2017

French utility company Electricité de France (EDF) completed its capital increase with preferential subscription rights for €4 billion. This is the largest capital increase in France since the France Telecom recapitalization in 2003. It was conducted through a public offering in France and a private placement to qualified investors outside France.

S&C advised the banking syndicate composed of BNP Paribas, HSBC Bank plc, J.P. Morgan Securities plc and Société Générale as joint global coordinators, Barclays Bank PLC, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International, Morgan Stanley & Co. International plc and Natixis as joint bookrunners, and Banca IMI S.p.A., Banco Santander, S.A., Crédit Industriel et Commercial, Mediobanca – Banca di Credito Finanziario S.p.A, MUFG Securities EMEA plc, Oddo & Cie and RBC Europe Limited as co-bookrunners.

The S&C Paris-based team included Olivier de Vilmorin, Seela Apaya-Gadabaya, Vincent Bourrelly, Roger Gaspard and Marie-Anne Pic. Krystian Czerniecki in Frankfurt and Kahina Selmouni in Paris advised on U.S. law matters, and Nicolas de Boynes and Alexis Madec in Paris advised on tax matters.