Austria: Schoenherr advises Joint Bookrunners on the successful issue of EUR 250m convertible bonds by voestalpine AG

On 28 April 2023, voestalpine AG issued convertible bonds due 2028 under Austrian law in an aggregate nominal amount of EUR 250m (ISIN: AT0000A33R11). The bonds can be converted into new and/or existing voestalpine shares at a conversion price of initially approximately EUR 40.89 per share. The convertible bonds pay semi-annual interest at a coupon of 2.75 % per annum. They have a term of five years, are divided into bonds with a denomination of EUR 100,000 each and are admitted to the Vienna MTF of the Vienna Stock Exchange.

"The offering of voestalpine's new convertible bonds to institutional investors was a very successful transaction of the issuer and the Joint Bookrunners," said Schoenherr partner and co-head of the firm's capital markets practice Christoph Moser. "We are extremely pleased that the Joint Bookrunners relied on our expertise in relation to this challenging transaction, which marks the largest Austrian convertible bond since 2017."

voestalpine AG is an Austrian company listed on the Vienna Stock Exchange and a leading global steel and technology group. Its main fields of activity are the production and processing of materials supplying automotive and consumer goods industries as well as the aerospace and oil & gas industries. Furthermore, voestalpine is the world market leader in railway systems, tool steel, and special sections.

Besides Christoph Moser (lead partner), the Schoenherr team consisted of Sascha Schulz (partner), Angelika Fischer (attorney at law) and Daniel Gritsch (associate).

Linklaters LLP (Peter Waltz and Alexander Schlee) advised the Joint Bookrunners as international counsel. CERHA HEMPEL Rechtsanwälte GmbH (Volker Glas and Christian Aichinger) advised voestalpine as issuer's counsel.