AT&S Austria Technologie & Systemtechnik Aktiengesellschaft has become the first Austrian company to place deeply subordinated perpetual convertible bonds (hybrid convertible bonds). AT&S’s strategic direction has once again been confirmed by the market’s confidence. CERHA HEMPEL provided AT&S with comprehensive legal advice on this transaction.
The EUR 400 million hybrid convertible bond was issued exclusively to institutional investors via an accelerated placement process, with a denomination of EUR 100,000. Existing shareholders’ subscription rights to the hybrid convertible bonds were excluded.
AT&S will use the net proceeds from the issue of the hybrid convertible bond to strengthen its capital base, refinance existing indebtedness and for other general corporate purposes. In doing so, AT&S is creating additional flexibility and resilience for its future growth strategy.
Looking ahead, the company intends to apply for the hybrid convertible bond to be admitted to trading on the Vienna MTF of the Vienna Stock Exchange.
“Together with CERHA HEMPEL, we have brought this transaction – the first of its kind in Austria – to completion and are delighted to be pioneers on the Austrian financial market. This continues the AT&S success story!” – Robert Ranftler, AT&S Senior Vice President, Head of Legal & Compliance.
The AT&S in-house legal team comprised Senior Vice President, Head of Legal & Compliance Robert Ranftler and Head of Legal Europe Julia Stanzenberger.
The CERHA HEMPEL team was led by Clemens Hasenauer (Managing Partner; Corporate and Capital Markets) and Volker Glas (Partner; Capital Markets) and also comprised Christian Aichinger (Senior Counsel; Capital Markets), Johannes Prinz (Partner; Corporate and Tax), Lorenz Pracht (Partner; Corporate and Capital Markets) and Alexander Kainz (associate; Corporate and Capital Markets).