Austria: Schoenherr advises OMV on successful issue of EUR 750m hybrid bonds

The hybrid bonds were placed among international institutional investors, have no maturity date and will bear until (but excluding) 30 December 2030 (First Reset Date) a fixed interest rate of 4.3702% per annum. From (including) the First Reset Date, the hybrid notes will bear interest per annum based on a Reset Interest Rate (as defined in the Terms and Conditions). The hybrid notes have a denomination of EUR 100,000 each, are governed by German law – except for the status governed by Austrian law – and are admitted to trading on the Official Market of the Vienna Stock Exchange as well as the regulated market of the Luxembourg Stock Exchange.

J.P. Morgan and MUFG acted as Structuring Agents and Joint Global Coordinators, BofA Securities, Erste Group, ING, LBBW and SMBC as Joint Bookrunner under the issue.

"We are pleased to have supported OMV in this highly successful issuance of hybrid bonds. The strong demand from international investors underscores the confidence in the issuer's strategic direction," said partner and co-head of Schoenherr's capital markets practice Christoph Moser.

Angelika Fischer, who co-led the transaction, added: "The successful placement of the hybrid bonds with a volume of EUR 750m demonstrates the attractiveness of OMV's financial instruments, and we greatly appreciate that the issuer relied on our legal expertise in this matter."

The Schoenherr team consisted of Christoph Moser (partner), Angelika Fischer (attorney at law), Daniel Gritsch (associate) and Clemens Stockhammer, as well as Marco Thorbauer (partner).

White & Case (lead: Karsten Wöckener, Felix Biedermann, Darleen Stöckl) and Wolf Theiss Rechtsanwälte GmbH & Co KG (lead: Claus Schneider, Sebastian Prakljacic) advised the bookrunners as banks' counsel.