Global law firm Clifford Chance has advised leading automotive manufacturer Volkswagen on the issue of a dual tranche bond issuance by VW Credit Canada, Inc. / Crédit VW Canada, Inc. guaranteed by VOLKSWAGEN AKTIENGESELLSCHAFT which attracted a total of C$750 million from international markets. The bonds were issued under Volkswagen’s €30 billion Debt Issuance Programme.
The bond, which was underwritten by CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc., was sold to institutional investors. The first tranche has an aggregate principal amount of C$400 million, carries a semi-annual coupon of 3.95%, and has a maturity of three years. The second tranche, which matures in 2031, has an aggregate principal amount of C$350 million and carries a semi-annual coupon of 4.33%.
The Clifford Chance team was led by partner Cristina Freudenberger and comprised transaction lawyers Lilli Neubauer and Felicitas Fischer (all Capital Markets, Frankfurt).
Norton Rose Fulbright advised Volkswagen on the matters of Canadian law.
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