Noerr advises Mutares on successful placement of €100 million bond and redemption of existing €80 million bond (Nordic bond)


Noerr has advised listed investment company Mutares SE & Co. KGaA on the successful placement of a secured, variable-rate bond (Nordic bond) worth €100 million and repayment of the existing bond.

The new bond is subject to Norwegian law and has a term to maturity of four years and bears interest at a rate of Euribor (three months) plus a margin of 8.5% p.a. The creditors of the existing senior secured bond that is worth €80 million and due to mature in 2024 were given the opportunity to invest in the new bond as part of a public exchange offer, which also included a multiple purchase option. The exchange rate was approximately 75%. To the extent that no exchange was made, Mutares called in the existing bond early.

The new bond was placed with both private and institutional investors in Germany and abroad. It will be traded on the open market of the Frankfurt Stock Exchange and in the Nordic ABM segment of the Oslo Stock Exchange.

Mutares has succeeded in this transaction in refinancing the existing 2020/2024 bond well before its maturity. The additional capital raised will serve to further grow the Mutares Group and increase its portfolio diversification.

For legal advice during this capital markets transaction, Mutares again relied on a Noerr team led by partners Julian Schulze De la Cruz and Ralph Schilha. The Noerr team advised Mutares on all legal matters. In addition to preparing the securities documents, Noerr also prepared a securities prospectus for the public offering and the exchange offer. The prospectus has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and notified to the Federal Financial Supervisory Authority (BaFin).

Noerr regularly acts for Mutares in the areas of corporate & capital markets law and has previously advised the investment company on successfully placing and increasing an existing bond and on its uplisting to the regulated market (Prime Standard) of the Frankfurt Stock Exchange.

Advisors to Mutares SE & Co. KGaA: Noerr Partnerschaftsgesellschaft mbB

Lead:Julian Schulze De la Cruz (Capital Markets, Frankfurt), Ralph Schilha (Corporate/Capital Markets, Munich)

Capital Markets: Dominik Kloka (associated partner), Sebastian de Schmidt (counsel), Cara Kleine-Jäger (associate, all Frankfurt), Jan Lohse (associate, Hamburg)

Banking and Finance: Alexander Schilling (partner), Patrick Geist (senior associate, both Frankfurt)

Digital Business: Tom Billing (partner, Berlin)

Data Privacy: Pascal Schumacher (associated partner, Berlin)