Global law firm White & Case LLP advised Deutsche EuroShop AG, a Frankfurt Stock Exchange-listed company included in the MDAX index, in a combined placement of convertible bonds and shares generating total placement proceeds of around €168 million.
Senior convertible bonds in a total nominal amount of €100 million, with conversion rights for around 2.8 million shares of the company and around 2.3 million new shares from authorized capital, were successfully placed with qualified investors through an accelerated bookbuilding processes. The pre-emptive rights of the shareholders were excluded. The placement price for each new share was €29.25, equal to the reference price of the convertible bonds.
Commerzbank AG and Merrill Lynch International acted as joint bookrunners for the offer of the convertible bonds and Commerzbank AG and Kempen & Co N.V. acted as joint bookrunners for the offer of the new shares, with Close Brothers Seydler Bank AG assisting as co-manager on the latter placement.
“The very rare combination of two parallel, but closely related, offerings was a particular challenge but turned out to be the right choice,” says White & Case partner Dr. Benedikt Gillessen. “Following a series of very well-received share placements in recent years, our client has now made a successful debut on the market for convertible bonds.”
The White & Case team consisted of lead partner Dr. Benedikt Gillessen (Capital Markets/Corporate, Frankfurt), partner James Black (US law, Frankfurt) and local partner Karsten Woeckener (Capital Markets, Frankfurt).
