Gleiss Lutz has advised SLM Solutions AG, a leading provider of metal-based additive manufacturing technology (3D printing), on an offering of unsecured, unsubordinated convertible bond with an aggregate nominal amount of EUR 58.5 million.
The convertible bonds, with a five-year term until October 2022 and an annual coupon of 5.5 per cent, can be converted into new or existing no-par ordinary bearer shares of SLM Solutions. The initial conversion price amounts to EUR 42.3987 per new share, corresponding to a premium of 28 per cent over the reference price. The pre-emptive right of the shareholders to subscribe to the convertible bonds was excluded. The convertible bond is expected to be issued on 11 October 2017 (the “Settlement Date”). The application for inclusion of the bond to trading in the Open Market segment of the Frankfurt Stock Exchange is intended within three months of the Settlement Date. SLM Solutions has committed to a lock-up period of 90 days following the Settlement Date. Deutsche Bank AG acted as Sole Bookrunner on the convertible bond offering.
Lübeck-based SLM Solutions Group AG is a leading provider of metal-based additive manufacturing technology (also known as “3D printing”). The company’s shares are traded in the Prime Standard segment of Frankfurt Stock Exchange and have been listed on the TecDAX since 21 March 2016. SLM Solutions focuses on the development, assembly and sale of machines and integrated system solutions in the field of selective laser melting. The company currently employs over 340 members of staff in Germany, the USA, Singapore, Russia, India and China. Its products are utilised worldwide by customers in particular from the aerospace, energy, healthcare and automotive industries.
The following Gleiss Lutz team advised SLM Solutions in connection with the transaction: Dr. Stephan Aubel (partner, lead, capital markets and company law), Dr. Kai Birke (partner, banking and finance), Jan-Rasmus Roßkamp, Alexander Gebhardt and Dr. Walter Andert (all capital markets and company law, all Frankfurt).
General counsel Dennis Schäfer of SLM Solutions Group AG advised internally on the transaction.
Gleiss Lutz advises SLM Solutions on a regular basis, most recently on the public takeover offer by GE Aviation, having also advised on the company’s IPO in 2014.
Forward
