Exail Technologies €300m 4.00% undated convertible bonds (ODIRNANE)
Strengthen the equity base and financial flexibility ahead of refinancing the 2022 iXblue acquisition debt
Key terms
- Borrower or issuer
- Exail Technologies
- Date
- 24 Sep 2025
- Type
- Convertible
- Amount
- €300m (US$339m)
- Pricing
- 4.00% fixed to 1 October 2030, then 5-year euro swap + 1,300bp reset every five years; conversion premium 25% (initial conversion price €106.25)
Recorded terms
- Structure
- Undated, unsubordinated bonds convertible into new and/or exchangeable for existing shares (ODIRNANE), placed by accelerated bookbuild after full exercise of the upsize option; issued 1 October 2025; concurrent Delta Placing of existing shares
- Lenders and arrangers
- BNP Paribas and Natixis, joint global coordinators and joint bookrunners; Crédit Agricole CIB, joint bookrunner; Berenberg, co-lead manager
- Country
- France
Parties
- Exail Technologies borrower or issuer
- bookrunner/arranger: BNP Paribas, Credit Agricole CIB, Natixis
- Co-managers: Berenberg
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 10 Nov 2025 | BWX Technologies US$1,100m convertible senior notes due 2030 | Convertible | US$1.1bn |
| 3 Jul 2025 | AeroVironment US$747.5m 0% convertible senior notes due 2030 | Convertible | US$747.5m |
| 19 Dec 2024 | BigBear.ai US$182.5m 6.00% convertible senior secured notes due 2029 | Convertible | US$182.5m |
| 27 Feb 2024 | Parsons US$700m 2.625% convertible senior notes due 2029 | Convertible | US$700m |
| 31 Jan 2023 | Rheinmetall €1bn convertible bonds (2028 and 2030 series) | Convertible | €1bn |
Sources
- Exail Technologies press release: €300m ODIRNANE offering completed boursorama.com · 24 Sep 2025
- Euronext company news: Exail convertible bond labelled European Defence Bond live.euronext.com · 8 Jan 2026
About this record
Record DEF-2025-0030, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A convertible pays a low coupon because holders can swap the notes for shares above a premium; capped calls and the conversion price set the dilution.
