Global law firm Clifford Chance has advised a banking syndicate comprising BofA Securities Europe SA and Morgan Stanley Europe SE as Joint Global Coordinators and Joint Bookrunners, and Commerzbank Aktiengesellschaft as Co-Bookrunner, in connection with a €375 million exchangeable bond offering by RAG-Stiftung, exchangeable into existing ordinary registered shares of Evonik Industries AG.
RAG-Stiftung, which holds approximately 44% of the registered shares of Evonik Industries AG, launched the offering on 9 June 2026. The bonds were issued at par, bear interest at a rate of 1.45% per annum, payable semi-annually in arrear and will, unless previously exchanged, redeemed or repurchased and cancelled, be redeemed at par at maturity in December 2031. Upon redemption at maturity, the issuer may elect to settle all or part of the redemption value in shares. The bonds were offered by way of an accelerated bookbuilding to institutional investors outside the United States in reliance on Regulation S under the US Securities Act of 1933.
The Clifford Chance team was led by partner George Hacket, supported by partners Cristina Freudenberger and Axel Wittmann and counsels Andrei Manea and Henrik Gildehaus (all Capital Markets, Frankfurt) with further support from partner Olaf Mertgen and counsel Steffen Waadt (both Tax, Frankfurt).
