Clariane launches €333M hybrid notes offering to refinance convertible debt
What's the deal? French healthcare group ClarianeDealroom has a profile for this one. Try Dealroom → has launched a €333 million offering of undated, deeply subordinated hybrid notes.
The Paris-listed company announced the deal on June 22, 2026. It plans to use the proceeds, plus cash on hand, to repay €332.5 million of outstanding convertible bonds known as ODIRNANE.
Why now? Clariane is refinancing its existing convertible debt ahead of maturity. The new notes are expected to count as equity under IFRS accounting rules, helping the company shore up its balance sheet.
The bonds carry a three-year non-call period at a fixed, resettable rate. Clariane will seek to list them on Euronext Dublin's Global Exchange Market.
What could go wrong? Completion depends on market conditions, and there is no guarantee the offering will close or on what terms.
The notes are offered only to non-US investors outside the United States and are not available to retail buyers in the European Economic Area or UK.
The signal: Clariane's hybrid offering, which slots in below its senior debt to count as equity rather than borrowing, is a balance-sheet manoeuvre fitting for a late-stage operator spanning nursing homes, rehabilitation clinics, assisted living, and home-care services. By swapping convertible bonds for instruments that avoid shareholder dilution, the group signals it can tap European debt markets to manage maturities without ceding equity.
Read more: streetinsider.com
