Category Archives: News, Deals & Cases

Sale of Sika Shares for CHF 2.56 Billion

Saint-Gobain’s subsidiary Schenker-Winkler Holding AG (“SWH”) successfully sold its 10.75% stake in Sika for CHF 2.56 billion. The shares were placed via a private placement to qualified institutional investors by way of an accelerated book-building process (“ABB”).

Santhera Pharmaceuticals Equity-Linked Financing Transaction

Santhera Pharmaceuticals Holding AG entered into an equity-linked financing arrangement with IRIS in the initial gross amount of up to CHF 12 million over 12 months, with the option to extend by another CHF 12 million over another 12 months, providing Santhera with a liquidity line which can be tapped if certain conditions are satisfied.

ams AG Capital Increase to Finance Acquisition of OSRAM

On 3 April 2020, ams AG completed a capital increase by way of a rights offering raising gross proceeds of approximately CHF 1.75 billion. The proceeds will be used to partially finance the acquisition of OSRAM Licht AG. The banking syndicate was led by HSBC and UBS acting as joint global coordinators. In addition, ams entered into a bridge facility agreement for the purpose of securing the financing of the acquisition and sold treasury shares by way of a private placement.

Zur Rose Group Issuance of CHF 175 Million Convertible Bonds

Zur Rose Group, Europe’s largest e-commerce pharmacy, successfully placed CHF 175 million 2.75% bonds due 2025 convertible into shares of Zur Rose Group AG. The bonds were issued at 100% of their principal amount and will mature on 31 March 2025. The proceeds will be used, among others, to rapidly adjust to the significantly increased levels of demand for vital medication offered by online pharmacies since the beginning of the COVID-19 crisis. Merrill Lynch International and UBS AG acted as Joint Global Coordinators and Joint Bookrunners.

Credit Suisse Issuance of USD 3 billion and EUR 2 Billion Bail-inable Notes

Credit Suisse Group AG issued USD 3 billion 4.194% Fixed Rate/Floating Rate Senior Callable Notes due 2031 under its U.S. Senior Debt Program and issued EUR 2 billion 3.250% Fixed Rate Reset Senior Callable Notes due 2026, in each case under its Euro Medium Term Note (EMTN) Programme. These transactions were consummated on April 1 and April 2, respectively. The Notes are bail-inable bonds that are eligible to count towards Credit Suisse’s Swiss gone concern requirement and will be listed in the SIX Swiss Exchange.

Santhera’s up to CHF 24 Million Equity-Linked Financing

Santhera Pharmaceuticals Holding AG announced that it has entered into an equity-linked financing arrangement with IRIS (France) in the initial gross amount of up to CHF 12 million over 12 months, with the option to extend by another CHF 12 million over another 12 months. This innovative financing instruments provides Santhera with a liquidity line which can be tapped if certain conditions are satisfied.

Acquisition Financing of ams for Osram

On 3 April 2020, ams AG completed a capital increase by way of a rights offering raising gross proceeds of approximately CHF 1.75 billion. The proceeds will be used to partially finance the acquisition of OSRAM Licht AG. The banking syndicate was led by HSBC and UBS acting as joint global coordinators.

Placement of CHF 175 Million 0.275% Convertible Bonds

Zur Rose Group is the largest e-commerce pharmacy in Europe. On 31 March 2020, Zur Rose Finance B.V. successfully placed CHF 175 million 0.275% bonds due 2025 guaranteed by and convertible into shares of Zur Rose Group AG. The bonds were issued at 100% of their principal amount and will mature on 31 March 2025. The proceeds will be used, among others, to rapidly adjust to the significantly increased levels of demand for vital medication offered by online pharmacies since the beginning of the COVID-19 crisis.

Increase of the Capital of La Foncière

La Foncière, a real estate fund governed by articles 58 et seq. of the Swiss Collective Investment Schemes Act, completed from 16 to 25 March 2020 an increase by 10% of the number of its units (parts) listed on the SIX Swiss Exchange. The 1’237’107 additional units were fully subscribed to, in spite of most challenging market conditions. These additional units have been listed on 31 March 2020.

Acquisition of The Medicines Company

In connection with the acquisition of NASDAQ-listed biopharmaceutical company The Medicines Company for USD 9.7 billion, Novartis AG and Novartis Finance Corporation entered into a USD 7 billion short-term (bridge) credit agreement and completed a USD 5 billion four-tranche SEC-registered bond offering.