Schoenherr, working with Linklaters, has advised joint global coordinators and joint bookrunners BNP Paribas and Citigroup Global Markets Europe and joint bookrunner UniCredit Bank on the oversubscribed EUR 250 million issuance of convertible bonds by Voestalpine AG. Cerha Hempel advised Voestalpine.
Voestalpine is an Austrian steel and technology group listed on the Vienna Stock Exchange. Its main fields of activity are the production and processing of materials supplying the automotive and consumer goods industries as well as the aerospace and oil and gas industries.
According to Schoenherr, “the bonds can be converted into new and/or existing Voestalpine shares at a conversion price of initially approximately EUR 40.89 per share. The convertible bonds pay semi-annual interest at a coupon of 2.75% per annum. They have a term of five years, are divided into bonds with a denomination of EUR 100,000 each, and are admitted to the Vienna MTF of the Vienna Stock Exchange.”
Cerha Hempel's team included Partner Volker Glas and Senior Associate Christian Aichinger.