DLA Piper has advised PORR AG on the issuance of EUR 150 million hybrid bond.
This is PORR’s third hybrid bond issue, following similar issuances in 2014 and 2017.
According to DLA Piper, "the issue was significantly oversubscribed and the interest rate was fixed at 5.375% at the lower end of the price range issued due to high demand. The new hybrid bond has an unlimited term with the issuer's option of early redemption after five years."
This transaction also included the upstream partial repurchase of the hybrid bond issued in 2017. In total, a nominal amount of around EUR 25.7 million was repurchased from the hybrid bond issued in 2017.
The DLA Piper team was led by Vienna-based Corporate Partner Christian Temmel and included Senior Associate Christian Knauder.