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DLA Piper Advises UBM on Conversion and New Issue of Bonds

Austria
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DLA Piper has advised the UBM Realitatenentwicklung Aktiengesellschaft (UBM) on the successful placement of a EUR 160 million corporate bond. Corporate Partner Christian Temmel acted as transaction counsel for the joint lead managers Raiffeisen Bank International, IKB Deutsche Industriebank, and the issuer.

The bond, with a term of five years, was offered to private and institutional investors and placed particularly in Austria, Germany and Luxembourg. "A bond exchange was combined with the new issue of a bond - that's unique," said Temmel, who is head of the capital markets practice in the Vienna DLA Piper office.

Investors of UBM bonds issued in 2010 and 2011 have exchanged them in the nominal value of more than EUR 70 million into a new loan, and after the exchange offer, again almost EUR 90 million on the capital markets were recorded during the cash subscription possibility. The offer was made on the basis of a prospectus approved by the Austrian FMA, which was notified in Germany and Luxembourg. In addition, the new bond was offered at the Frankfurt Stock Exchange.

Temmel was enthusiastic about the deal. "This is the very first transaction of this type on the Austrian capital market. We are very pleased that we were appointed to once again advise UBM on a bond issue and develop this very complex structure. This very successful transaction shows that companies with excellent reputation and sustainable business, such as UBM, can be successful on the capital market even in volatile times." 

 

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