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.

Sandoz’s Placement of Inaugural Bonds

On 21 November 2023, following its spin-off from Novartis on 4 October 2023, Sandoz, a global leader in the generics and biosimilars markets successfully placed EUR 2.0 billion senior guaranteed Eurobonds and CHF 750 million senior bonds. The Eurobonds are issued in three tranches with EUR 700 million 3.97% bonds due 2027, EUR 700 million 4.22% bonds due 2030 and EUR 600 million 4.50% bonds due 2033 whereas the CHF bonds were issued in two tranches with CHF 400 million 2.125% bonds due in 2026 and CHF 350 million 2.600% bonds due in 2031. The Eurobonds are issued by Sandoz Finance B.V. and guaranteed by Sandoz Group Ltd (SIX: SDZ). BNP Paribas, J.P. Morgan and Mizuho acted as Joint Active Bookrunners for the Eurobonds and BNP Paribas and UBS acted as Joint Lead Managers for the CHF tranches.

UBS Switzerland Ltd’s Covered Bond Program

On 6 October 2023 UBS Switzerland Ltd has established a CHF 20 billion program for the issuance of Covered Bonds issued by UBS Switzerland Ltd and guaranteed by UBS Hypotheken Schweiz Ltd. The Covered Bonds issued under the program will be indirectly backed by a portfolio of mortgages from UBS Switzerland Ltd’s domestic mortgage pool.

[ams Osram’s Rights Issue

On 11 December 2023, ams Osram, which is listed on the SIX Swiss Exchange, completed a rights issue with proceeds of approximately CHF [775] million. ams OSRAM intends to use the proceeds to redeem its outstanding senior notes. The rights issue consisted of a rights offering to existing shareholders, subject to certain limitations based on residency, and an international offering, in which the offered shares in respect of which rights have not been validly exercised were sold to institutional investors or otherwise in the market. UBS, HSBC and Morgan Stanley acted as Joint Global Coordinators in this transaction.]

PureGym’s Offering of Bonds

PureGym successfully completed the offering of EUR 380 million 8.250% senior secured notes due 2028, GPB 475 million 10.000% senior secured notes due 2028 and a GPB 175.5 million super senior revolving credit facility for PureGym. The net proceeds of the notes will be used to refinance PureGym’s existing financial indebtedness. PureGym is a leading European gym and fitness operator, with approximately 1.9 million members across more than 550 sites in the United Kingdom, Denmark and Switzerland. 

Clariant’s Issuance of a CHF 150 million Bond

Clariant AG has placed a CHF 150 million bond with a term to maturity of five years. The net proceeds will be used for general financing purposes. Clariant is one of the world’s leading specialty chemical companies that contributes to value creation with innovative and sustainable solutions for customers from many industries. 

Schulthess Forum Stock Corporation Law 2024 (Schulthess Forum Aktienrecht 2024)

Thursday, 9 November 2023, Metropol, Zurich

Implementation of the VAG/AVO revision (Umsetzung der VAG/AVO Revision)

Wednesday, 24 January 2024, Metropol, Zurich