A&O Shearman advises RAG-Stiftung on €375m bond placement
A&O Shearman has advised RAG-Stiftung on the placement of EUR 375 million bonds exchangeable into existing ordinary registered shares of Evonik Industries. The bonds carry an interest rate of 1.45% per annum and are issued at par, with an initial exchange price of EUR 19.46 — representing an exchange premium of 27.5% above the reference share price. The bonds will be redeemed at par in 2031, with an early redemption option available to the issuer subject to certain conditions.
The net proceeds of the offering are intended to refinance the upcoming repayment of the existing exchangeable bonds due 2026, as well as for general corporate purposes.
Legal counsel
The A&O Shearman team was led by partner Hans Diekmann (corporate/M&A, Düsseldorf) and counsel Nadine Kämper (corporate/M&A, Frankfurt). The team further comprised counsel Dorothée Kupiek-Vas (corporate/M&A, Düsseldorf), partner Knut Sauer and associate Nico Theiß (both corporate/M&A, Frankfurt). Advice on U.S. law aspects was provided by partner Marc Plepelits and senior associate Martin Schmidt (both capital markets, Frankfurt).
