GTT Falls After Offering by Holder Engie Prices at Discount (1)

(Adds price.)

GTT falls as much as 4.8% after an offering of 1.99m shares by holder Engie priced at EU137/share, representing a 3.9% discount to last close.

• Offerring prices via Morgan Stanley, Natixis
• Engie enters 18-month forward sale agreements with Morgan Stanley Europe SE and Natixis over the 1.99 million shares
  • Hedging by Engie of its economic exposure relating to its residual stake in GTT (~5.38%)
  • Forward sale enables Engie to sell residual GTT stake at pre-agreed price based on offering price, while retaining full ownership and voting rights attached to its residual stake until such sale at maturity
  • Hedging ...