Allen & Overy advised Credit Suisse Securities (Europe) Limited, London, and Close Brothers Seydler Bank AG, Frankfurt am Main, as joint bookrunners on the placement of New York law governed high-yield bonds of TAG Immobilien AG (TAG) with a total volume of EUR 200 million and a term of five years.  Application has been made for inclusion of the bonds in trading on the Open Market (Entry Standard) of the Frankfurt Stock Exchange with participation in the Prime Standard for corporate bonds.

The New York law governed high-yield bonds were placed on 29 July 2013 in the full amount of EUR 200 million and were considerably oversubscribed.  A retail tranche of the bonds with a volume of EUR 5 million was available for subscription on 30 July 2013 in a public offering.  The retail tranche does not result in an increase of the total placement volume of EUR 200 million.  The coupon was set at 5.125% p.a.

The expected net proceeds from the issue are to be used primarily for the optimisation of the capital and financing structure of MDAX-listed real estate company TAG, in particular for the repurchase of convertible bonds.  Allen & Overy also advised Credit Suisse Securities (Europe) Limited on the repurchase of three outstanding series of convertible bonds by TAG.  TAG was able to reduce the outstanding principal amount of the convertible bonds by more than EUR 50 million as a result of the repurchase.

The Allen & Overy team was led by partners Gernot Wagner (US corporate finance, transaction management) and Dr. Oliver Seiler (international capital markets), counsels Dr. Knut Sauer and Dirk Eisel (both international capital markets), senior associate Dr. Susanne Lenz, associates Rebecca Emory (both US corporate finance) and Dr. Alexander Schlee (international capital markets, all Frankfurt).

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