DLA Piper has advised PORR AG ("PORR") on a €250 million issuance programme and bond conversion.

Dr. Christian Temmel, DLA Piper with extensive experience within capital markets, served as the transaction lawyer for PORR. He also acted for Erste Group Bank AG as sole arranger and dealer manager. The offer was based on a prospectus approved by the Austrian FMA and was accepted very positively. Approximately €70 million were exchanged into new issued bonds.

Christian said: "The transaction was set up as a multi-unit exchange, which made it unique. Bonds issued in 2009 and in 2010 were exchanged in two new instruments, a new senior bond with a five-year term and a new subordinated hybrid bond structured as a perpetual bond.

"As far as I know, the Austrian market has not yet seen any transaction of such a complex nature. We are very pleased that we have been appointed to advise on and develop the complex structure of this bond issue."