Noerr advises Underberg on successful placement of €45m corporate bond

With a team led by Dominik Kloka and Laurenz Wieneke, Noerr has once again advised its long-standing client Semper idem Underberg AG on the successful placement of a corporate bond with a total nominal amount of €45m.

The new notes issued by the premium spirits company with an annual coupon of 5.5% and a maturity of six years met with keen interest from institutional, existing and private investors despite the extremely tense market situation prevailing at the moment and the continuing geopolitical uncertainties. By issuing the new notes, Underberg is getting its comprehensive refinancing underway at an early stage.

The notes were issued by way of a public offering in Luxembourg and Germany accompanied by a private placement to institutional investors in selected European countries carried out by IKB Deutsche Industriebank as the sole lead manager. The transaction also involved a voluntary exchange offer including an option to purchase new notes made to the holders of the existing 2018/2024 and 2019/2025 notes.

The net proceeds from the new bond issuance will mainly be used for a further partial repayment of the 2018/2024 notes and as additional financing for the company’s activities, including building up liquidity.

With this transaction, Noerr’s DCM team was once again able to demonstrate the depth of its advice in the area of corporate bonds. The team has been advising Semper idem Underberg AG on capital markets matters and bond issuances for many years.

Advisors to Semper idem Underberg AG: Noerr Partnerschaftsgesellschaft mbB

Dominik Kloka, Laurenz Wieneke (joint lead), Holger Alfes, Thomas Thies (all Capital Markets, Frankfurt), Martin Haisch, Benedikt Rippert (Tax, Frankfurt)