Cellnex is playing safe in its expansion for 7,000 million euros with which it will support its growth plans. The operation will start on Thursday, April 1, when the securities will be unfolded from the shares, and will end when the 192.6 million new securities begin trading on the 27th of next month. The operation is insured and it has contracted 22 banks to make sure everything goes smoothly: JPMorgan, Barclays, Goldman Sachs and BNP Paribas coordinate the operation, but they are escorted by 18 other entities.
The rights will be unfolded from the shares on Thursday, the preferential subscription period will end on April 15 and the new titles will start trading on the 27th.
The market takes for granted a new success of Cellnex’s macro-expansion to continue its growth. And the company he pilots as CEO has armed itself with an army of banks to ensure that the ending will be a happy one. In addition to the four coordinators, 17 banks will be in charge of placing the operation – Banco Santander, CaixaBank, BPI, Deutsche Bank, Morgan Stanley, Mediobanca, Société Générale, BBVA, Banco Sabadell, Credit Agricole, Intesa Sanpaolo Mizuho Securities, MUFG, SMBC Nikko , UniCredit, ING, RBC and Natixis– and AZ is also a financial advisor to the company.
The cohort of banks to bring the expansion ship to fruition has skyrocketed compared to the 15 that it signed in the operation that closed in August last year and with which it raised 4,000 million with a demand of 185,000 million. Since March 2019, Cellnex had launched three capital increases for a total of 7,700 million euros, and this is the fourth almost for an amount similar to all the previous ones.
The company reveals irrevocable subscription commitments for a total of 26.73% of the capital, as it already anticipated at the group’s shareholders meeting held yesterday. GIC has agreed to subscribe approximately 9.23% and ADIA, 5.01%. In addition, other investors have agreed to buy 3.95% of the expansion. They will do so in the first 10 days of the pre-emptive subscription period.
Preferential subscription rights will be assigned to all Cellnex shareholders who have acquired shares until March 31, 2021 and whose transactions have been registered with Iberclear until April 6, 2021 (both inclusive). Each share currently in circulation will grant the right to receive a pre-emptive subscription right. In turn, 48 rights will be necessary to subscribe 19 new shares. The subscription price of the new shares will be 36.33 euros, which represents a discount of 17% compared to the closing price of the company on the Stock Exchange on Monday (46.68 euros), after discounting the price of the right.
Although it is not black on white, Cellnex explains in the brochure that it has communications that shareholders will attend the operation with 4.95% of the capital. The CEO of the company, of course, left the door open so that new shareholders could join the expansion in the presentation of last year’s results.
