Photo (v.l.t.r.): Christian Aichinger, Volker Glas, Edith Hlawati, Gernot Wilfling
CHSH Cerha Hempel Spiegelfeld Hlawati provided legal advice to RBI in connection with its most recent capital increase with proceeds of EUR 2.78 billion.
RBI placed 97,473,914 new shares at the price of EUR 28.50 per share, thereby increasing its capital by 50%. With proceeds from the issue amounting to EUR 2.78 billion, the capital increase is the third largest of its kind on the Vienna Stock Exchange to date.
All of the new shares were placed with institutional investors in a pre-placement. 78.7% of the new shares – equivalent to the subscription rights that were not exercised by RZB – were immediately issued and delivered. The remaining 21.3% of the new shares were allocated subject to clawback, depending on the exercise of subscription rights. At the end of the subscription period on 7 February 2014, existing shareholders had exercised subscription rights for 7.6% of the new shares. The delivery of the new shares allocated subject to clawback took place on 12 February 2014, the successful closing of the transaction.
RBI plans to use the proceeds from the issue to repay the participation capital in the amount of EUR 2.5 billion (EUR 1.75 billion of which to the Republic of Austria).
The interest held by RZB in RBI fell to 60.7% as a result of the capital increase. The number of free float shares rose accordingly to 39.3%. Consequently, the weighting of RBI stock increased both in ATX and in ATX Prime of the Vienna Stock Exchange.
Deutsche Bank, Raiffeisen Centrobank and UBS acted as joint global coordinators. Banca IMI, Barclays, BNP Paribas, Commerzbank and ING acted as co-lead managers.
CHSH advised RBI on all issues relating to structuring the capital increase, especially with regard to the two-step settlement of the capital increase registered in the commercial register. CHSH was also responsible for preparing the capital market prospectus.
The team at CHSH consisted of partners Edith Hlawati and Volker Glas and attorneys Christian Aichinger and Gernot Wilfling.