Category Archives: News, Deals & Cases

UBS Group Ltd’s debut issuance of AT1 Notes 

On 13 November 2023, UBS Group Ltd successfully completed its offering of an aggregate of USD 3.5 billion of AT1 Notes. The offering comprised two tranches: USD 1.75 billion of 9.250 per cent. AT1 Notes, which are redeemable at the option of UBS Group Ltd after five years, and USD 1.75 billion of 9.250 per cent. AT1 Notes, which are redeemable at the option of UBS Group Ltd after ten years.

Roche Holdings, Inc.’s Issuance of Senior Notes

On 13 November 2023, Roche Holdings, Inc. successfully completed its issuance of USD 5.5 billion in aggregate principal amount of senior notes, consisting of USD 1.1 billion 5.265% Notes due 2026, USD 1.25 billion 5.338% Notes due 2028, USD 1.25 billion 5.489% Notes due 2030, USD 1.6 billion 5.593% Notes due 2033, and USD 300 million Floating Rate Notes due 2026. The notes are irrevocably and unconditionally guaranteed by Roche Holding Ltd.

Vencora UK Ltd announced public tender offer for Crealogix Holding Ltd

On 16 November 2023, Vencora UK Limited, an indirect subsidiary of Volaris Group Inc. and Constellation Software Inc. (CSI), a Canadian-based international provider of software and services (TSX: CSU), and Crealogix Holding Ltd, a Swiss-based global leader in digital banking technology (SIX: CLXN), jointly announced that they have entered into a definitive transaction agreement, under which Vencora agreed to submit an all-cash public tender offer to acquire all publicly held registered shares of Crealogix for CHF 60 per share, for an aggregate equity value for Crealogix of approximately CHF 84 m. Certain shareholders of Crealogix have concurrently entered into a share purchase agreement with Vencora for the sale of a total of 51.66% of all shares in Crealogix to Vencora.

TEMENOS’s Issuance of CHF 200 m Bonds

On 11 October 2023, TEMENOS issued CHF 200 million bonds. Zürcher Kantonalbank, BNP Paribas (Suisse) SA and BZ Bank Aktiengesellschaft acted as managers. The bonds will be listed on the SIX Swiss Exchange.

City of Geneva’s Issuance of First Green Bonds

In November 2023, the City of Geneva announced that it had issued green bonds for an aggregate principal amount of CHF 140 million. The issuance is a first for the City of Geneva.

Starrag and Tornos’s Merger

The two traditional Swiss precision machine tool manufacturers Starrag and Tornos, both listed at the SIX Swiss Exchange, announced on 26 October 2023 that they entered into a merger agreement. Under the terms of the merger, Tornos will be absorbed by Starrag and the Tornos shares will be exchanged into new listed Starrag shares for which Starrag will increase its share capital. The combined group will have a worldwide geographical presence and will operate under the name StarragTornos Group. 

Highlight Event and Entertainment Ltd’s Rights Offering

On 7 November 2023 Highlight Event and Entertainment Ltd, which is listed on the SIX Swiss Exchange, completed a rights offering with net proceeds of CHF 41.2 million. The new shares were subscribed by or placed with existing shareholders, several backstop investors who had previously committed to the subscription by means of commitment letters as well as other private investors. The capital increase was carried out within the capital band by issuing 3.5 million new bearer shares at a subscription price of CHF 12 each by way of cash contributions and by offsetting various loans.

Lonza’s placement of bonds

Lonza successfully placed two tranches of CHF 185 million 2.25% due 2028 and CHF 2.60% due 2031. UBS Investment Bank, BNP Paribas (Suisse) SA and Commerzbank Aktiengesellschaft acted as Managers in this transaction.

Will Semiconductor Co. Ltd Shanghai’s GDR offering and listing on SIX Swiss Exchange

On 10 November 2023 Will Semiconductor Co. Ltd Shanghai offered and listed its global depositary receipts (GDRs) on SIX Swiss Exchange and raised approximately USD 445 million gross proceeds. The GDRs were issued based on newly issued A shares of Will Semiconductor Co. Ltd Shanghai, which are listed on the Shanghai Stock Exchange, and were priced at the upper end of the price range. J.P. Morgan Securities plc and UBS Ltd acted as Joint Global Coordinators and Joint Bookrunners in this transaction. 

R&S Group’s Business Combination Agreement with VT5

The shareholders of R&S Group, a leading provider of electrical infrastructure components in Switzerland and international markets, entered into a Business Combination Agreement with VT5 Acquisition Company Ltd, the SIX-listed SPAC. The parties have agreed to combine their businesses at a purchase price of CHF 274 million and thereby take R&S Group public in Switzerland. The transaction is expected to be completed by mid-December 2023.