9 June 2020
Clifford Chance advises ABN AMRO and Rabobank on the EUR 133 million capital raise by Basic-Fit
A Clifford Chance team advised ABN AMRO Bank N.V. and Coöperatieve Rabobank U.A. (together with its distribution partner Kepler Cheuvreux S.A.) as Joint Global Coordinators and Joint Bookrunners in relation to the accelerated bookbuild offering of ordinary shares in the capital of Dutch listed company Basic-Fit N.V. Basic-Fit is the largest fitness operator in Europe, currently operating 828 clubs in five countries.
Launch and pricing of the accelerated bookbuild offering took place on Monday 8 June 2020. The offering consisted of 5,333,333 new ordinary shares, priced at EUR 25 per share, which represents a discount of 1.4% to the closing price of the company’s shares listed on Euronext Amsterdam on 8 June 2020, and resulted in a total deal size of EUR 133.3 million. The net proceeds from the offering will be used by Basic-Fit to strengthen its balance sheet and provide financial flexibility to recommence its growth strategy which includes the opening of new clubs and acquisitions. Recently, Basic-Fit has been able to reopen clubs in various locations and with positive momentum returning to its business, the Company is keen to reinitiate its expansion plans. For that reason, the company raised the equity financing to seize new growth opportunities as they arise.
Settlement of the offering and admission to listing and trading of the new ordinary shares on Euronext Amsterdam is expected to take place on Thursday 11 June 2020.
The Clifford Chance team on the transaction comprises Han Teerink and Marina Sarkisjan from the Amsterdam office with Alex Bafi and Olivier Plessis from the Paris office providing US securities laws advice.