Gleiss Lutz advised Steinhoff on its debut placement of a senior unsecured fixed-rate corporate bond with an aggregate principal amount of EUR 800mn. The bond, which will have a term of 7.5 years and bear an annual coupon of 1.875%, will be issued by the Austrian subsidiary Steinhoff Europe AG and guaranteed by Steinhoff International Holdings N.V., the Dutch parent company of the Steinhoff group. It was placed with institutional investors after a pan-European roadshow and will be issued in a denomination of EUR 100,000 on 24 July 2017. The bond will be admitted to trading on the regulated market of the Luxembourg Stock Exchange.
Steinhoff is the world’s third largest integrated household goods retailer by turnover (according to trade magazine Möbelmarkt) with approximately 50 brands and 12,000 retail stores in more than 30 countries. Steinhoff retails, sources and manufactures household goods and general merchandise in Europe (including the United Kingdom), the United States, Australia, Asia and Africa and employs approximately 130,000 employees. The shares of Steinhoff International Holdings N.V. are listed on regulated market of the Frankfurt Stock Exchange.
The following Gleiss Lutz team advised Steinhoff on this transaction: Dr. Kai Birke (lead, partner), Dr. Eva Reudelhuber (partner), Alexander Gebhardt and Jan-Rasmus Roßkamp (all finance & capital markets, Frankfurt).
Gleiss Lutz led an international team of lawyers from the firms Stibbe (The Netherlands and Luxembourg) and Wolff Theiss (Austria) in this transaction.
Gleiss Lutz regularly advises Steinhoff on banking and finance matters, most recently on the financing of the acquisition of Poundland, one of Europe’s largest single-price value general merchandisers.
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