Noerr advises Oddo Seydler on restructuring of Singulus Technologies

Noerr has advised Oddo Seydler Bank AG on the restructuring of a €60 million bond of Singulus Technologies Aktiengesellschaft as part of a debt-equity swap which involved issuing new shares and bonds. The lead partners were Frankfurt-based Dr Laurenz Wieneke and Dr Julian Schulze De la Cruz.

In February 2016, the Singulus bondholders and shareholders approved a comprehensive restructuring plan at the company which provided that the former bondholders should each transfer their bonds to Oddo Seydler as the settlement agent and receive rights to purchase new shares and bonds in return. The former bondholders made use of more than 82% of the subscription rights by the deadline of 13 July 2016. New shares and bonds not taken up during the purchase offer were placed with former bondholders, shareholders with subscription rights and third parties in the context of a private placement.

Oddo Seydler Bank AG assisted in the transaction as sole global coordinator and bookrunner.

Advisors to Oddo Seydler Bank AG: Noerr LLP

Dr Laurenz Wieneke, Dr Julian Schulze De la Cruz (joint lead, Capital Markets), Dr. Jens H. Kunz (Banking & Finance), Dr Matthias Geurts (Tax, all Frankfurt); Associates: Dr Ivan Zlatanov, Dr Christian Schützler, Dominique Stütz (all Capital Markets, Frankfurt)