International law firm Clifford Chance has advised BofA Securities and J.P. Morgan as Joint Global Coordinators, BNP PARIBAS and Deutsche Bank as Joint Bookrunners as well as Banco Santander and Credit Suisse as Co-Lead Managers in connection with a landmark EUR 960 million mandatory convertible bond issuance of Siemens Energy Finance B.V. guaranteed by Siemens Energy AG. The bond is convertible into shares of Siemens Energy AG at a price that was set in a parallel equity offering of shares that facilitated hedging positions for investors in the bond.
The mandatory convertible bond is part of the financing efforts of Siemens Energy AG in connection with the announced takeover bid for the remaining shares of its Spanish wind power subsidiary Siemens Gamesa. The takeover of the remaining shares has been announced to amount up to EUR 4 billion and shall be financed with equity or equity-linked capital raisings of up to EUR 2.5 billion. The EUR 960 million mandatory convertible bond was issued as part of these financing efforts.
The Clifford Chance advisory team consisted of partners George Hacket (Frankfurt, Banking & Finance) and Dominik Heß (Düsseldorf, Corporate), counsel Axel Wittmann (Munich/Frankfurt, Banking & Finance) and senior associates Sarah Steece (London, Banking & Finance) and Andrei Manea (Frankfurt, Banking & Finance).