A cross-jurisdictional and cross-practice Linklaters team has advised ams OSRAM on its comprehensive refinancing, comprising €1 billion equivalent new high yield bonds, a €800 million underwritten rights issue, a €400 million sale and lease back transaction of a facility in Malaysia, and amendments to its €800 million RCF and various other loan agreements.
The innovative transaction, saw the proceeds of the HY issuance deposited into segregated accounts subject to completion of the rights issue. Upon release, the proceeds of the “combo deal” were used by ams OSRAM to redeem its outstanding high yield bonds, repay amounts outstanding under certain bank facilities and fund cash to balance sheet to, inter alia, repay other debt when due.
The measures are part of ams OSRAM’s comprehensive financing plan to strengthen its long-term capital structure and provide a solid base for execution of its refreshed strategy announced in July 2023. The transaction refinances the funding put in place in connection with the public takeover by the Company of OSRAM Licht AG in 2020 on which Linklaters also advised.
The Linklaters team advising the Company on the transaction included lawyers across its Frankfurt, London, New York, Belgium and Singapore offices, led by Stephan Oppenhoff and Marco Carbonare (equity), Alexander Naidenov and David Adler (high yield) and Michal Hlásek (banking).
