International legal practice Norton Rose LLP has advised 3W Power Holdings S.A. on a €100 million bond issue which was unconditionally and irrevocably guaranteed by AEG Power Solutions B.V. Close Brothers Seydler Bank AG acted as sole global coordinator and sole bookrunner.
3W Power Holdings S.A. is the holding company of AEG Power Solutions Group. AEG Power Solutions is a world-leading provider of premium power electronics and offers one of the world’s most comprehensive product and service portfolios in power conversion and control, for customers spanning the infrastructure markets of energy, telecom, lighting, transportation and general industrial sectors. AEG Power Solutions generated revenue of €400 million in 2009 with more than 1,500 employees around the world. 3W Power Holdings, formerly Germany1 Acquisition Ltd., acquired AEG Power Solutions Group in 2009 to form the combined entity.
The bond has a coupon of 9.25 per cent p.a. and is due in December 2015. The issue comprised a public offering in Germany and a private placement in other European countries. Trading in the bonds on the Frankfurt Stock Exchange and the trading segment Bondm of the Stuttgart Stock Exchange commenced on 29 November 2010.
The Norton Rose team comprised Frank Regelin (Partner), Sascha Grimm (Senior Associate), Marlene Martin and Rüdiger Hoffmann (both Associates), all Corporate Finance Frankfurt, Otto Klaas-sen (Of Counsel) and Gino Bell (Associate) from the Amsterdam Corporate Finance team. Francois Warken (Partner) and Caroline Motzer (Senior Associate) from Arendt & Medernach advised on Lux-embourg law, and Benelux law firm NautaDutilh advised on certain aspects regarding Dutch law.
