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Herbert Smith

Finance 2011

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Award levelHighly Commended
InnovationTheolia’s launch of €60.5m rights issue to restructure €253m convertible bonds
Originality7
Rationale7
Impact6
Total20
DescriptionDeveloped a technique to give bondholders the option to extend the maturity date or redeem early below nominal value, circumventing the usual restriction, through an improved conversion ratio.