Binder Grösswang advises Lenzing AG on two high-volume financing transactions: Syndicated financing of EUR 545 Mio and issuance of a EUR 500 Mio hybrid bond
Binder Grösswang is proud to have advised the publicly listed Lenzing AG on two significant financial transactions in connection with its comprehensive refinancing. These transactions highlight Binder Grösswang's expertise in banking & finance and capital markets transactions.
Syndicated financing of EUR 545 Mio
Binder Grösswang's Banking & Finance team assisted Lenzing AG in structuring and implementing a syndicated financing with a total volume of EUR 545 Mio. This financing consists of a term loan in the amount of EUR 355 Mio and a revolving credit facility of EUR 190 Mio. The legal advice included the preparation and negotiation of the entire financing documentation.
Exchange offer and issuance of a new EUR 500 Mio hybrid bond
Binder Grösswang's Corporate M&A team (Capital Markets) advised Lenzing AG on an exchange offer for the existing hybrid bond and on the issuance of a new hybrid bond with a volume of EUR 500 Mio, which will be listed on the Luxembourg Stock Exchange.
- Exchange offer: Holders of the hybrid bond issued in 2020 were offered an exchange into the new hybrid bond. A total of approximately EUR 300 million of the old hybrid bond was exchanged.
- New issue: In addition, around EUR 200 Mio was subscribed by new investors. The new hybrid bond is recognised as equity under IFRS.
The legal advice included the structuring of the exchange offer, the preparation of the prospectus for the hybrid bond and advice on insider trading issues and authorisations under corporate law.
The Binder Grösswang team
The successful implementation of these complex transactions was made possible by the close cooperation of Binder Grösswang's specialised teams:
Banking & Finance Team:
- Partner Stefan Tiefenthaler (lead syndicated financing)
- Senior Associate Mathias Drescher (lead syndicated financing)
- Associate Tobias Haralter (Banking & Finance)
Corporate M&A (Capital Markets) Team:
- Partner Florian Khol (lead Hybrid Bond)
- Counsel Philipp Tagwerker (lead hybrid bond)
- Partner Stefan Frank (Banking & Finance, Capital Markets)
- Partner Georg Wabl (Insolvency)
- Partner Clemens Wilvonseder and Associate Nurushan Tüfekci (Tax)
- Associates Sung-Hyek Hong and Jakob Pfanner (Corporate M&A, Capital Markets)
The Lenzing Inhouse-Team
- Vice President Corporate Treasury Alexander Schwaiger
- Senior Manager Treasury Martin Buhl
- General Counsel Florian Wirth
- Senior Legal Counsel Vinzenz Innerhofer
These transactions illustrate Binder Grösswang's strength and versatility in advising on complex financing and capital market projects. We congratulate Lenzing AG on this success and thank all parties involved for their excellent co-operation.