Category Archives: News, Deals & Cases

Recapitalisation of gategroup

On 26 November 2020 gategroup Holding AG (gategroup, together with its subsidiaries the “Group”) announced that its shareholders, RRJ Capital and Temasek, and all of the Group’s bank lenders under the senior facilities agreement dated 30 November 2018 have agreed to the key terms and conditions of a comprehensive recapitalisation of gategroup and amendments of the Group’s financial indebtedness instruments. As part of the transaction, the shareholders, through their affiliates, have entered into a CHF 200 million senior secured interim liquidity facility with gategroup and will contribute, subject to certain conditions, overall CHF 500 million of new funding. The transaction will allow gategroup to weather the current headwinds caused by the dramatic downturn in travel demand as a result of COVID‑19 and position itself for a post-COVID future as a leaner business. The transaction is conditional on the extension of the maturity of the Group’s CHF denominated bond to February 2027.

Onex Sell-Down of SIG Shares

On 1 December 2020 SIG Combibloc announced that Onex Corporation and its affiliates have sold their remaining stake of 32 million shares in SIG representing approx. 10.1% of SIG’s share capital. Following the settlement of the transaction, Onex will cease to be a shareholder of SIG.

LafargeHolcim Issuance of EUR 850 Million Sustainability-Linked Notes

Holcim Finance (Luxembourg) S.A. successfully completed the issuance of
EUR 850,000,000 0.500 per cent. Sustainability-Linked Notes due 2031. The Notes are guaranteed by LafargeHolcim Ltd, the holding company of the LafargeHolcim group. The Notes are the first sustainability-linked notes in the building materials industry aligned to the Sustainability-Linked Bond Principles 2020 published by the International Capital Markets Association, with investors entitled to a higher coupon should LafargeHolcim not achieve its sustainability performance target.

Valora Share Placement

On 16 November 2020 Valora Holding AG successfully completed the private placement of 400,000 newly registered shares sourced from existing authorized capital and 40,000 treasury shares by way of an accelerated bookbuilding. Credit Suisse and UBS acted as Joint Bookrunners.

UBS Issuance of EUR 1.5 Billion Notes

On 5 November 2020, UBS Group AG successfully completed its issuance of
EUR 1.5 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due November 2028 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS’s Swiss gone concern requirement.

Credit Suisse Group Issuer Substitution under Bail-In Bonds

Credit Suisse Group AG was successfully substituted for Credit Suisse Group Funding (Guernsey) Limited as issuer under seven different series of outstanding bail-in bonds issued by Credit Suisse Group Funding (Guernsey) Limited and with an aggregate principal amount of approximately USD 10.4 billion. In connection with this issuer substitution, all rights and obligations of Credit Suisse Group Funding (Guernsey) Limited under the notes, as well as under the related internal loan agreements pursuant to which the net proceeds received from the issuance of the Notes were onlent to subsidiaries of Credit Suisse Group AG were transferred to Credit Suisse Group AG.

Nestlé’s Issuance of an aggregate of USD 4 Billion Notes through an Institutional (Rule 144A) Offering in the US

On 15 September 2020, Nestlé Holdings, Inc. successfully completed its issuance of USD 1.15bn 0.375% Notes due 2024, USD 750m 0.625% Notes due 2026, USD 1.1bn 1.000% Notes due 2027 and USD 1bn 1.250% Notes due 2030. The Notes are guaranteed by the Nestlé group’s Swiss parent company Nestlé SA. The offering of the Notes was conducted in reliance on Rule 144A and Regulation S under the U.S. Securities Act.

ADC Therapeutics SA’s Follow-on Offering on the New York Stock Exchange

On 23 September 2020, ADC Therapeutics SA (NYSE: ADCT), a Swiss-based late clinicalstage oncology-focused biotechnology company pioneering the development and commercialization of antibody drug conjugates, announced the pricing of its upsized follow-on public offering of shares in the United States, thus raising gross proceeds of approx. USD 204m. In addition, certain existing shareholders had granted the underwriters an option to purchase additional shares for an aggregate amount of up to USD 30.6m.

Placement of EUR 1.85 Billion Sustainability-Linked Bonds by Novartis

Novartis Finance S.A., a subsidiary of Novartis AG, issued EUR 1.85bn sustainability-linked bonds due 2028 with an interest rate of 0.000%. The bonds are the first of its kind in the healthcare industry and the first sustainability-linked bonds incorporating social targets, with bondholders entitled to receive a higher amount of interest if Novartis fails to meet its targets for expanding access to its innovative medicines. The Bonds are guaranteed by Novartis AG. They have been provisionally admitted to trading at the SIX Swiss Exchange and are expected to be listed there as well. Barclays Bank PLC, HSBC Bank plc, J.P. Morgan Securities plc and Société Générale acted as Joint Lead Managers and BNP Paribas, Credit Suisse Securities (Europe) Limited, Deutsche Bank Aktiengesellschaft and Mizuho Securities Europe GmbH as Co-Managers.

Zürcher Kantonalbank’s Issuance of CHF 275 Million 1.75% AT1 Write-Down Notes

On 30 September 2020, Zürcher Kantonalbank successfully placed CHF 275m 1.75% AT1 Write-Down Notes. The notes qualify as both additional tier 1 capital as well as going concern capital under Swiss regulations for systemically relevant banks. This transaction was the first transaction in Switzerland done in reliance on the exemption in the new prospectus regime of the Financial Services Act to have a prospectus that is pre-approved by a Swiss reviewing body.