Hogan Lovells advises joint bookrunners on Neinor Homes €140 million capital increase

Hogan Lovells advised Banco Santander and J.P. Morgan, as global coordinators, and Alantra, as joint bookrunner, in connection with Neinor Homes’ approximately €140 million capital increase carried out through an accelerated bookbuilding process. The capital increase raised approximately €140 million through the issuance of 8,900,190 new shares at an issue price of €15.73 per share. The proceeds will be used to further strengthen Neinor Homes’ balance sheet and enhance its financial flexibility, providing additional optionality to pursue near-term growth opportunities in the Spanish residential market. The issue price represented a 6.4% discount to the previous day’s closing price and a 3.1% premium compared with the €229 million accelerated placement completed a few months earlier. Neinor’s main shareholder, Orion Capital Managers, subscribed €100 million of the total raised, increasing its stake to approximately 28.8% pursuant to an irrevocable commitment signed prior to the announcement of the voluntary takeover bid for Aedas. Other existing shareholders subscribed an additional €40 million. Following the transaction, Neinor’s total share capital increased by 9.9% and now consists of 98,862,691 shares. The three main shareholders will together control around 60% of the capital, while the free float remains virtually stable at around 40%. Hogan Lovells represented Banco Santander and J.P. Morgan, as global coordinators, and Alantra, as joint bookrunner, with a team composed by: Íñigo Berrícano, Alex Parkhouse, Álvaro Albors and José Antonio Garaña.

Hogan Lovells advises joint bookrunners on Neinor Homes €140 million capital increase

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