D\u00fcssel\u00addorf \u2014 Allen & Overy has advi\u00adsed RAG-Stif\u00adtung on the successful place\u00adment of a new EUR 500 million exch\u00adan\u00adgeable bond conver\u00adti\u00adble into shares of Evonik Indus\u00adtries AG and the repurchase of outstan\u00adding exch\u00adan\u00adgeable bonds. The RAG-Stif\u00adtung intends to use the net proceeds from the offe\u00adring of the new bonds to finance the repurchase of outstan\u00adding bonds and to expand its shareholdings.<\/p>\n
The new bonds will bear inte\u00adrest at a rate of 2.25% per annum, paya\u00adble semi-annu\u00adally in arre\u00adars on May 28 and Novem\u00adber 28 of each year, and will be issued at par. The refe\u00adrence share price of the New Shares is EUR 17.6148. This results in an initial exch\u00adange price for the New Shares of EUR 21.14. It is inten\u00added to apply for admis\u00adsion of the new bonds to trading on the open market of the Frank\u00adfurt Stock Exchange.<\/p>\n
The RAG-Stif\u00adtung intends to use the net proceeds from the offe\u00adring of the new bonds to finance the repurchase of outstan\u00adding bonds and to expand its share\u00adhol\u00addings. In this context, the RAG-Stif\u00adtung issued a repurchase invi\u00adta\u00adtion to the holders of the outstan\u00adding exch\u00adan\u00adgeable bonds matu\u00adring in 2024 (the 2024 bonds<\/strong>) and the holders of the outstan\u00adding exch\u00adan\u00adgeable bonds matu\u00adring in 2026 (the 2026 bonds<\/strong>).) Offers to sell in the total nomi\u00adnal amount of EUR 396.9 million (approx. 79.4 % of the outstan\u00adding nomi\u00adnal amount of the 2024 bonds) at a price of EUR 97,000 per EUR 100,000 nomi\u00adnal amount and in the total nomi\u00adnal amount of EUR 50 million (approx. 10 % of the outstan\u00adding nomi\u00adnal amount of the 2026 bonds) at a price of EUR 94,000 per EUR 100,000 nomi\u00adnal amount were accepted.<\/p>\n The sett\u00adle\u00adment of the new bonds is expec\u00adted to take place on or around Novem\u00adber 28, 2023 and the sett\u00adle\u00adment of the bond buyback is expec\u00adted to take place on or around Novem\u00adber 29, 2023 will take place.<\/p>\n The Allen & Overy team was led by part\u00adner Dr. Hans Diek\u00admann (Corporate\/M&A, D\u00fcssel\u00addorf) and also compri\u00adsed part\u00adner Dr. Knut Sauer, coun\u00adsel Nadine K\u00e4mper (both Capi\u00adtal Markets, both Frank\u00adfurt) and Doro\u00adth\u00e9e Kupiek (Corporate\/M&A, D\u00fcssel\u00addorf), senior asso\u00adciate Dr. Jan-Bene\u00addikt Fischer (Corporate\/M&A, Hamburg) and asso\u00adciate Patrick Reuter (Capi\u00adtal Markets, Frank\u00adfurt). Part\u00adner Marc Plepe\u00adlits and Senior Asso\u00adciate Martin Schmidt (both US Corpo\u00adrate Finance, both Frank\u00adfurt) advi\u00adsed on U.S. law issues.<\/p>\n