On September 16, 2020, Unibail-Rodamco-Westfield (URW) announced a €9.0+ billion “RESET” plan to strengthen its balance sheet and increase financial flexibility to execute its long-term strategy. In connection with the “RESET” plan, URW announced a fully underwritten €3.5 billion capital raise. The capital raise is subject to approval by URW’s shareholders and is expected to maintain existing shareholders’ subscription rights.
In connection with the capital raise, URW has entered into a standby underwriting commitment with BofA Securities, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Goldman Sachs International, J.P. Morgan and Société Générale, acting as Joint Global Coordinators.
Cassels is acting as Canadian counsel to URW with a team comprised of Jamie Litchen and Jonathan Sherman (Securities).