Allen & Overy advised a consortium consisting of 13 banks on the successful issue of bonds by Siemens Financieringsmaatschappij NV with a total volume of 10 billion US dollars. The bonds are guaranteed by Siemens Aktiengesellschaft. This was Siemens’ largest bond issue to date and the second largest US dollar bond financing by a German company since 2000.
The company issued a total of seven bond tranches with terms of two, three, five, seven, ten and twenty years, with one tranche with variable and one with fixed interest each being issued in the three-year segment and the remaining tranches with fixed interest. Siemens was the first German company to use the new Secured Overnight Financing Rate (SOFR) for the floating rate bond.
The banking consortium was led by JP Morgan Securities LLC and Morgan Stanley & Co. LLC as global coordinators.
The Allen & Overy team consisted of the partners Marc Plepelits and Martin Scharnke, Counsel Christian Klöpfer, Senior Associate Martin Schmidt and Associate Sascha Fröhlig (all International Capital Markets). Partner Dr. Heike Weber and Senior Associate Dr. Thomas Dieker (all Frankfurt) as well as the associates Dustin Plotnick (New York) and Friso van Orden (Amsterdam). In addition, the partners Knox McIlwain (banking supervisory law, London) and Jonathan Heeringa (International Capital Markets, Amsterdam) were part of the advisory team.
