Linklaters advises on Cellnex´s €1bn covertible bonds issue

Linklaters has advised the managers on the issue of €1bn convertible bonds by Cellnex Telecom, as well as on the concurrent repurchase of approx. €787m of Cellnex Telecom’s outstanding convertible bonds.

Cellnex Telecom has set the terms of a new issue of the company’s convertible senior unsecured bonds. The placement has reached 1,000 million euros. The shares initially underlying the new convertible bonds are equivalent to 2.3% of the company’s share capital.

The initial conversion price of the new bonds has been set at EUR 62.42, which is equivalent to a premium of 62.5% above the volume weighted average price (VWAP) of the share on the Spanish Continuous Market between the market opening and closing today.

With the issuance of the new bonds, Cellnex has obtained through the Joint Dealer Managers (as defined below), by means of a reverse accelerated demand prospecting process, expressions of interest from holders of 2026 Bonds wishing to sell the same to the Company representing approximately 99% of the 2026 Bonds, based on a final repurchase price per 2026 Bond equal to 134. 656 plus accrued and unpaid interest up to and including the settlement date of the concurrent repurchase (€863.01 per 2026 Bond), representing a total concurrent repurchase nominal amount of approximately €787.6 million.

The team led by Federico Briano and Pablo Medina, with support from Stacey Zverev, Borja Oñoro and Cristina Yanguas Lucena.