Feb 25, 2026 (MarketLine via COMTEX) --
VINCI, which holds 8.0% of Groupe ADP, announced it will issue exchangeable bonds into Groupe ADP shares for a nominal amount of ae500 million, maturing in 2031.
VINCI (the " Issuer "), which holds 8.0% of the share capital of Groupe ADP, announces its intention to proceed with the issuance of bonds exchangeable into Groupe ADP shares (the " Shares ").
VINCI has decided to launch the issue of bonds exchangeable into Shares for a nominal amount of €500 million (the " Bonds " and together with the Shares, the " Securities ") as a source of competitive financing, potentially allowing it to monetize part of its stake in Groupe ADP at a price higher than the reference price.
The Bonds will have a maturity of 5 years, except in the event of early redemption, exchange, or repurchase and cancellation. The Bonds are expected to bear interest at an annual rate of between 0.75% and 1.25%, payable semi-annually in arrears on March 4 and September 4 of each year, commencing September 4, 2026. The Bonds will be offered at an issue price of 100% of par and, unless previously redeemed, exchanged, or repurchased and cancelled, will be redeemed at par on maturity on March 4, 2031 (the " Made Date "). It is expected that the initial exchange price will have a premium of between 30% and 35% over the reference price of the share, corresponding to the volume-weighted average of the share prices observed on Euronext Paris between the opening of trading on the day of the launch of the issue on February 25, 2026 (the " Launch Date ") and the setting of the final terms on the same day.
In the event that the Bonds are exchanged in full at maturity, VINCI will retain a stake of approximately 4.9% of the share capital of Groupe ADP, subject to any adjustment of the exchange ratio (as described in more detail in the Terms and Conditions).
The final terms and conditions of the Bonds (the " Terms and Conditions ") will be determined upon completion of the book-building process. Settlement and delivery of the Bonds are expected to take place on March 4, 2026 (the " Issue Date ").
VINCI plans to use the proceeds from this issue to finance its general needs.
The Bonds will be offered by way of an accelerated book-building process to qualified investors only, as defined in Article 2(e) of Regulation 2017/1129, as amended (the " Prospectus Regulation "), in accordance with Article L. 411-2, 1° of the French Monetary and Financial Code, in France and outside France (excluding the United States of America, Australia, Canada, Japan, and South Africa), without any public offering (other than to qualified investors) in any country (including France). No prospectus, offering document, or other similar document will be prepared in connection with the offering of the Bonds.
As part of this issue, VINCI has agreed to a lock-up commitment covering the Groupe ADP shares, securities convertible or exchangeable into Groupe ADP shares and Groupe ADP share derivatives that it holds, for a period ending 90 calendar days after the Issue Date, subject to certain customary exceptions.
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COMTEX_477832178/2227/2026-04-23T18:32:35
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