Baker McKenzie advised DocMorris AG (“DocMorris”) on the placement and issuance by DocMorris Finance B.V. of CHF 96.8 million senior unsecured convertible bonds due 2031, guaranteed by DocMorris and convertible into shares of DocMorris, and the concurrent repurchase of the CHF 49.6 million outstanding convertible bonds due 2028. The incremental gross proceeds resulting from the new issuance and concurrent repurchase are intended for general corporate purposes.
The new bonds will be issued at par in CHF 200,000 denominations and have a maturity date of 16 March 2031, unless previously converted, redeemed, repurchased or cancelled. The bonds carry a 1.50% annual interest and an initial conversion premium of 32.5% above the reference price, which resulted in an initial conversion price of CHF 13.83.
The placement was limited to professional clients in Switzerland and private offerings outside Switzerland under Regulation S of the U.S. Securities Act.
Baker McKenzie advised DocMorris on all legal matters relating to the placement.
The Baker McKenzie team was led by capital markets partner Yves Mauchle (Zurich) and included Andrea Bolliger (tax counsel, Zurich), Victoria Brammer and Laksanaporn (Namfon) Chaiyakham (both associates, Zurich) as well as Tim Alferink (partner, Amsterdam) and Willem van Rees (associate, Amsterdam).
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