DLA Piper has advised European hotel developer UBM Development AG on the successful issue of a new EUR 120 million corporate bond, including an exchange offer. Wolf Theiss advised joint lead managers and book-runners Raiffeisen Bank International AG and M.M.Warburg & CO.
“The Bond 2019 was successfully placed on the first day of the offer period," DLA Piper explained. "The cash subscription started on the morning of November 4, 2019, and due to the extraordinarily strong demand, the books were closed again shortly after that morning. UBM has already issued numerous corporate bonds and has often combined exchange offers with new bond issues in the past. However, this time UBM is the first company in Austria to use a full capital market prospectus under the new regime of the European Prospectus Regulation when issuing a EUR 120 million bond.”
Earlier this year DLA Piper and Wolf Theiss advised on the topping up of UBM corporate bond 2018-2023 (as reported by CEE Legal Matters on June 21, 2019).
DLA Piper’s Vienna-based team was led by Partner Christian Temmel and included Senior Associate Christian Knauder.
The Wolf Theiss team was led by Partner Alexander Haas.