Gleiss Lutz advises Joh. Friedrich Behrens AG on bond issue and exchange offer
Gleiss Lutz is advising Joh. Friedrich Behrens AG on the issue of a bond that is to be admitted for trading on the Entry Standard for corporate bonds on the Frankfurt Stock Exchange. The five-year bond has an issue volume of up to 25 million euros and can be subscribed from 12 October 2015 up until, presumably, 9 November 2015 through, among other things, the subscription functionality of the Frankfurt Stock Exchange. The advice provided by Gleiss Lutz also included, in particular, assuming the lead in preparing the securities prospectus for the public offer of the 2015/2020 corporate bond in Luxembourg, Germany and Austria that was approved by the Commission de Surveillance du Secteur Financier (CSSF) on 9 October 2015 and published by the company.
The public offer comprises a voluntarily exchange offer that allows owners of the existing 2011/2016 corporate bond to exchange, at a 1:1 ratio, their bonds for new bonds issued by Joh. Friedrich Behrens AG with a term until 2020 and a coupon rate of 7.75 per cent. In addition, owners making use of the exchange offer will receive 20 euros in cash per bond (nominal value 1,000 euros) as well as the interest accrued on the 2011/2016 corporate bond. The company plans to use the net proceeds generated to refinance the 2011/2016 corporate bond, whose issue Gleiss Lutz also advised on.
quirin bank AG, Berlin is the sole bookrunner for the issue of the 2015/2020 corporate bond and, in addition, is acting as the settlement agent for the exchange offer in connection with the 2011/2016 corporate bond.
Joh. Friedrich Behrens AG was advised by a team made up of the following Gleiss Lutz lawyers: Dr. Stephan Aubel, Dr. Kai Arne Birke (both lead, partner), Jan-Rasmus Roßkamp, Melanie Barwich, Nikolos Tsagareli, Marina Stoklasa (all capital markets, Frankfurt), Dr. Michael Marquardt (partner) and Dr. Ocka Stumm (both tax, Frankfurt).