CHSH prepares first SME bond under the new prospectus regime for Windkraft Simonsfeld

Windkraft Simonsfeld is preparing a bond issue for autumn 2012 and it is the first Austrian issuer to publish a prospectus under the new prospectus rules.

Following extensive amendments, capital market prospectuses have been subject to new rules since 1 July 2012: The summary has been standardised, distribution via financial intermediaries has been simplified, issuance programmes have been streamlined and the disclosure requirements for certain forms of transactions have been proportionately relaxed.

Windkraft Simonsfeld's core business consists in the ecological and sustainable production of electricity from renewable and freely accessible energy sources such as wind power and solar energy. As an SME, it decided to take advantage of the proportionate disclosure regime for issuing an SME bond (Mittelstandsbond), which may also set a trend for other businesses of a comparable size. The bond will be marketed with the support of distribution partners, but also by WKS itself.

CHSH already advised Windkraft Simonsfeld on its capital increase in 2010 and is now providing advice regarding the implementation of the bond issue. At CHSH, the project – which involved preparing the offer prospectus and conducting the approval procedure with the Financial Market Authority – was led by Partner Volker Glas and Senior Associate Gernot Wilfling.

Dr. Volker Glas: "We're pleased we were able to advise our client on its first prospectus under the new rules. As always, the prospectus supervision team at the Financial Market Authority were extremely professional and constructive."