Linklaters has advised the banking syndicate on the successful placement of a new subordinated perpetual convertible bond issued by AT&S Austria Technologie & Systemtechnik Aktiengesellschaft. The hybrid convertible bond will be issued with a total nominal amount of €400 million at a denomination of €100,000. The bonds will be convertible into new and/or existing ordinary bearer shares of the company for a limited time.
AT&S intends to use the net proceeds from the issuance for general corporate purposes, including the refinancing of existing indebtedness and strengthening its capital base.
Linklaters advised the banking consortium consisting of J.P. Morgan, Deutsche Bank, Citigroup, Erste Group and Raiffeisen Bank International.
The Linklaters team was led by Dr Alexander Schlee (Partner, Capital Markets, Frankfurt). Other team members included Catrin Retzmann (Managing Associate) and Tim Westenberger (Associate, both Capital Markets, Frankfurt).
Linklaters regularly advises corporates and investment banks on the placement of exchangeable and convertible bonds. Over the past year, the Capital Markets team led by Dr Alexander Schlee has, among others, advised AIXTRON SE, QIAGEN N.V., Salzgitter AG, TAG Immobilien AG and Vonovia SE on the issuance of convertible and exchangeable bonds, as well as the banking syndicate on convertible bond issuances by K+S AG, Evotec SE, Deutsche Lufthansa AG, MTU Aero Engines AG and RedCare Pharmacy N.V.
