Hogan Lovells advises on Neinor Homes’ €140 million capital increase

Hogan Lovells has advised the joint bookrunners on the capital increase of Neinor Homes for an amount of approximately 140 million euros carried out through an accelerated bookbuilding process

The amount of the capital increase totalled approximately €140 million, and the proceeds will be used to further strengthen the company’s balance sheet and enhance its financial flexibility, providing additional optionality to pursue near-term growth opportunities in the Spanish residential market.

The transaction was executed through the issuance of 8,900,190 new shares at €15.73 per share, representing a discount of 6.4% compared to the previous day’s closing price and a premium of 3.1% compared to the €229 million accelerated placement carried out a few months ago.

As part of this transaction, Neinor’s main shareholder, Orion Capital Managers, has subscribed €100 million of the total raised, increasing its stake to approximately 28.8%. The amount subscribed corresponds to the irrevocable commitment signed prior to the announcement of the voluntary takeover bid for Aedas.

In addition to Orion, other existing shareholders have subscribed an additional €40 million. Following the capital increase, Neinor’s total share capital will increase by 9.9% and will consist of 98,862,691 shares. The three main shareholders will jointly control around 60% of the capital, while the free float will remain virtually stable at around 40%.

The firm Capital Markets team has advised Banco Santander and J.P. Morgan, as global coordinators, and Alantra, as joint bookrunner. The deal was led by Íñigo Berrícano, Alex Parkhouse and Álvaro Albors, with the support of José Antonio Garaña.