A cross-border team headed by Nikolaus Reinhuber (Frankfurt), Philipp Spatz and Eva-Maria Ségur-Cabanac (Vienna) assisted a group of issuing banks with the “Re-IPO” of Lenzing AG, a global market leader that supplies cellulose fibers in Austria. The team provided advice on all relevant aspects of Austrian and U.S. law. The consortium of banks was comprised of Morgan Stanley, Deutsche Bank and UniCredit Bank Austria as joint bookrunners; and Raiffeisen Centrobank and Raiffeisen Landesbank Oberösterreich as co-lead managers.
In spite of the currently difficult market environment, the transaction with a total volume of EUR619 million was a huge success. 825,000 new shares resulting from a capital increase of Lenzing AG with subscription rights, and 5.9 million existing shares (including over-allotment option) of the B & C Group were placed with investors within the scope of a public offering in Austria and an international private placement (including the U.S. pursuant to Rule 144A).
“Following the listing of DO&CO in Istanbul and the capital increase and the issuance of convertible bonds by Warimpex, this was our first involvement as lead counsel in a transaction with a volume exceeding EUR500 million in Austria. This is yet another milestone in the impressive track record established by the young capital markets team from the firm’s Vienna office within a short time frame”, said Philipp Spatz, Mergers & Acquisitions partner from Baker & McKenzie’s office in Vienna.
“Being one of the largest international law firms, we are more equipped than any other law firm to act as the single point of contact for legal advice concerning both Austrian and U.S. law, and to carry out due diligence projects on a global scale,” stated Nikolaus Reinhuber, Corporate Co-Head for Germany and Austria.
Lead: Dr. Nikolaus Reinhuber (Partner, Frankfurt), Dr. Philipp Spatz, Dr. Eva-Maria Ségur-Cabanac (both Partners, Vienna)
Other attorneys involved: Adam Farlow (Partner, London), Dr. Manuel Lorenz (Partner, Frankfurt), Christian Atzler (Associate, Frankfurt)
