Clifford Chance

Clifford Chance advises the Underwriters on the EUR 70 million capital raise by Avantium N.V.

Global law firm Clifford Chance advised its long-standing clients ABN AMRO Bank N.V. and Bryan, Garnier & Co as Joint Global Coordinators, Joint Bookrunners and Underwriters and Invest-NL as Underwriter on the EUR 70 million capital raise by Avantium N.V., comprising a EUR 50.5 million rights offering and a EUR 19.5 million upsize offering. Avantium N.V. is a leading company in renewable and circular polymer materials, whose shares are listed on Euronext Amsterdam and Euronext Brussels.

The rights offering had a take-up (i.e. exercise of rights) in excess of 90% and the offering was supported by new cornerstone investors SENFI Ventures Co., Ltd, an affiliate of SCG Chemicals Public Company Limited, and Dutch entrepreneur Pieter Kooi, as well as by pre-commitments from existing shareholders APG^[1], investors represented by Wierda en Partners Vermogensbeheer B.V. and Navitas B.V.

Avantium is a pioneering commercial-stage company focused on renewable and circular polymer materials. Avantium develops and commercialises innovative technologies for the production of materials based on sustainable carbon feedstocks, i.e. carbon from biomass or carbon from the air (CO2).

With this equity raise, Avantium secures funding for the completion, commissioning and start-up of the FDCA Flagship Plant in Delfzijl, the Netherlands, and the acceleration of its commercial deployment. In addition, net proceeds will be used to further strengthen the financial profile of Avantium to be able to cover additional general corporate costs, including working capital. Read more about the capital raise here.

Clifford Chance's cross-border team was led out of Amsterdam by Han Teerink and consisted of Helen Liefting and Stijn Theunissen (all Corporate) as well as Michiel Sunderman and Alec Sanderson (Tax) in Amsterdam with Olivier Plessis advising on US securities laws aspects out of the Paris office.

_{^[1] APG means Stichting Pensioenfonds ABP and Stichting Depositary APG Developed Markets Equity Pool for the benefit of APG Developed Markets Equity Pool, jointly.}