White & Case LLP has advised SPIE on its €600 million bond issuance to finance the acquisition of SAG, a German leader in energy infrastructure services.

The issue is guaranteed by the group's main subsidiaries, with the bonds maturing in seven years and bearing interest at 3.125 percent. The net proceeds of the transaction will be used to finance the acquisition of SAG, which was announced by SPIE on December 23, 2016, to refinance SAG's existing indebtedness and to finance SPIE's general corporate purposes. The transaction was several times oversubscribed.

The offering consisted of an international private placement of bonds which will be admitted to trading on the regulated market of Euronext Paris. The issue was led by HSBC, Natixis and Société Générale as global coordinators.

SPIE is the independent European leader in electrical and mechanical engineering, HVAC services and energy and communication systems, supporting customers in designing, building, operating and maintaining energy-efficient and environmentally-friendly facilities. With nearly 600 sites in 38 countries and more than 38,000 employees, SPIE achieved consolidated revenue of €5.1 billion and consolidated EBITA of €352 million during 2016.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard with support from associates Tatiana Uskova, Déborah Ngo Yogo and Adélaïde de Guitaut. Counsel Max Turner advised on matters of US law and partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects.