Linklaters has advised an international bank syndicate led by ING and J.P. Morgan on the successful placement of four tranches of euro-denominated bonds by SAP SE with a total issuance volume of €3.5bn.
The issuance comprised three fixed-rate tranches with maturities of three, five and seven years, as well as a floating-rate tranche with a maturity of two years. The proceeds will be used for general corporate purposes, including the (re-)financing of recently announced acquisitions.
This transaction marks SAP SE’s return to the bond markets. It represents the company’s first bond issuance since 2020.
In parallel, Linklaters advised ING and J.P. Morgan in connection with a syndicated bridge financing with a total volume of €2bn. The financing was provided in the form of a short-term tranche.
The Linklaters capital markets team was led by partner Dr. Alexander Schlee and counsel Wolfgang Ettengruber. Further team members included associate Tim Westenberger and senior transaction lawyer Marlen Klepsch.
Fabian Neumeier (Counsel) and Dr. Philipp Bergjans (Associate, both Banking) advised on the syndicated bridge facility.
Linklaters’ market-leading capital markets team frequently advises issuers and banks on bond issuances, most recently including the bond issues of adidas, Amprion, Sartorius, Südzucker and Rheinmetall.
