Stock corporation law and capital market experts Dr. Mirko Sickinger, LL.M., Partner, and Tobias Nagel, both of commercial law firm Heuking Kühn Lüer Wojtek's Colgone office, advised WESTGRUND Aktiengesellschaft on issuing mandatory convertible bonds at a total nominal amount of EUR 19,860,000.00.
The bonds are offered to the company's shareholders for purchase without prospectus at a subscription price of EUR 1.00 each. Prior to that offering, all of the 19,860,000 bonds were offered to institutional investors for purchase at the subscription price by means of a private placement and a bookbuilding procedure, subject to the reservation of exercising the subscription right. As part of the private placement, the bonds were allocated subject to claw-back, i.e. the bonds subscribed to during the subscription offering will be deducted from the allocation total of the orders generated during the private placement and are allocated with priority .
The convertible bond has a two-year term and an interest rate of 5% p.a. The conversion rate is EUR 3.70 (nominal) to one share. It is intended to request the inclusion of the bonds in OTC trading at Düsseldorf Stock Exchange. IKB Deutsche Industriebank AG and Baader Bank AG serve as joint lead managers of the issue. In addition, IKB Deutsche Industriebank AG acts as global coordinator.
Heuking Kühn Lüer Wojtek advises WESTGRUND AG regularly in the fields of stock corporation and capital market law, most recently when carrying out a 10% capital increase against cash investments in March 2014.
Counsel to WESTGRUND Aktiengesellschaft:
Heuking Kühn Lüer Wojtek:
Dr. Mirko Sickinger, LL.M. (Lead),
Lena Pfeufer (all Stock Corporation Law and Capital Markets), all Cologne