Noerr advises Underberg on successful placement of €60m bond with exchange offer for existing bonds

Noerr has again advised Semper idem Underberg AG on the successful placement of a corporate bond. The premium spirits company’s new bond with a total nominal amount of €60m, a term of six years and a coupon of 4.0% p.a., was significantly oversubscribed. Consequently, the subscription period was shortened.

The new notes were issued by way of a public offering in Luxembourg and Germany and included a voluntary exchange offer with the option to purchase further notes to the holders of the existing 2015/2020 and 2014/2021 bonds. The notes were also offered in a private placement to institutional investors in selected European countries.

The net proceeds of the 2019/2025 bond issue after the exchange will be used to redeem the remaining outstanding notes of the 2015/2020 and 2014/2021 bonds. Semper idem Underberg AG is thus expected in the coming days to call the bonds which have not yet been exchanged.

IKB Deutsche Industriebank AG has acted as Sole Lead Manager and Bookrunner for the transaction.

A Noerr team headed by Frankfurt-based capital markets experts Dominik Kloka und Laurenz Wieneke acted on behalf of Underberg. Teams led by Laurenz Wieneke und Dominik Kloka already advised Underberg on the issue of the 2015/2020 and the 2014/2021 bonds.

Advisors to Semper Idem Underberg AG: Noerr LLP

Dr Dominik Kloka, Dr Laurenz Wieneke (joint team lead), Dr Dirk Buken (all Capital Markets, Frankfurt), Dr Matthias Geurts (Tax, Frankfurt), Dr Alexander Hirsch, Dr Lisa Guntermann, Malte Schirm (Corporate, all Düsseldorf)