Binder Grösswang Advises Lenzing AG on Issuance of EUR 500 Million Hybrid Bond
Binder Grösswang advised Lenzing AG on the successful issuance of a hybrid bond with an issue volume of EUR 500 million.
On the basis of its structural features, the subordinated, unsecured bond will be accounted for in its entirety as equity in accordance with IFRS. It is structured as a perpetual bond and was heavily oversubscribed. The denomination of the hybrid bond is EUR 100,000.
“We are pleased that we were able to advise and support Lenzing AG on its first hybrid bond on the capital market. The new bond will further strengthen the capital structure of the company,” says Binder Grösswang partner and capital market specialist Florian Khol.
The Binder Grösswang team advising Lenzing AG was comprised of Florian Khol, Tibor Fabian and Christian Wimpissinger (partners) and Philipp Tagwerker (attorney at law).
BNP Paribas and Morgan Stanley acted as joint global coordinators and structuring advisors and BNP Paribas, Morgan Stanley and UniCredit as joint bookrunners. The banks' side was advised by Linklaters LLP (Frankfurt) and Wolf Theiss Rechtsanwälte GmbH & Co KG.