Clifford Chance advised a consortium of banks on landmark mandatory convertible bond issuance of Siemens Energy
Clifford Chance advised a consortium of banks on landmark mandatory convertible bond issuance of Siemens Energy
It is a part of the financing efforts for the takeover bid of the remaining Siemens Gamesa shares
International law firm Clifford Chance has advised BofA Securities and J.P. Morgan (joint global coordinators), BNP Paribas, and Deutsche Bank (joint bookrunners), and Banco Santander and Credit Suisse (co-lead managers), on the EUR 960 million landmark mandatory convertible bond issuance of Siemens Energy Finance B.V., guaranteed by Siemens Energy AG.
The bond is convertible into shares of Siemens Energy AG at a price set in a parallel equity offering of shares that facilitated hedging positions for investors.
It is part of the financing efforts of Siemens Energy AG in connection with the announced takeover bid for the remaining shares of its Spanish wind power subsidiary Siemens Gamesa.
The takeover of the remaining shares has been announced to be worth EUR 4 billion. It will be financed with equity or equity-linked capital raisings of up to EUR 2.5 billion.
The Clifford Chance advisory team comprised partners George Hacket (Frankfurt, banking & finance), Dominik Heß (Düsseldorf, corporate), counsel Axel Wittmann (Munich/Frankfurt, banking & finance), and senior associates Sarah Steece (London, banking & finance), Andrei Manea (Frankfurt, banking & finance).
