Allen & Overy advises banks on a capital increase of TAG Immobilien AG
Allen & Overy advises banks on a capital increase of TAG Immobilien AG
It was supported by BofA Securities, Credit Suisse, Deutsche Bank, and Société Générale
Allen & Overy has advised a syndicate of banks in connection with a capital increase with subscription rights from authorized capital against cash contributions from TAG Immobilien AG amounting to nearly 200 million Euros.
During the subscription period, which ended the last month-end, a total of 28,990,260 no-par-value ordinary bearer shares (new shares) were offered to TAG's existing shareholders at a subscription price of 6.90 Euros per share.
By the end of the period, the subscription rights for a total of 28,308,845 new shares were exercised, representing 97.65 percent. The remaining 681,415 unsubscribed new shares were sold in the market.
The rights issue forms the core part of a package of defined measures to redeem the bridge facility of 650 million Euros in relation to the recent acquisition of ROBYG S.A. The transaction strengthens TAG's equity base to maintain its existing investment-grade ratings.
The capital increase was supported by BofA Securities, Credit Suisse, Deutsche Bank and Société Générale, acting as joint global coordinators and joint book-runners.
The Allen & Overy team was led by partner Dr Knut Sauer and senior associate Nadine Kamper (both Capital Markets, Frankfurt). Partner Dr Walter Uebelhoer and senior associate Dr Rauni Ahammer (both Banking, Munich) advised in connection with the bridge facility. Partner Marc Plepelits and senior associates Martin Schmidt and Rita Nicole Thomas (all US Corporate Finance, Frankfurt) advised on the US law issues.
