Ashurst advised ALNO AG on the successful issuance of a mandatory convertible bond with a total volume of €14 million for the partial funding of the acquisition of Swiss kitchen manufacturer, AFG Küchen. 14,000 mandatory convertible bonds with a term of five years and an annual interest rate of eight per cent. were placed in a private placement. The bonds are convertible in up to 7 million ALNO shares.

Per subscribed mandatory convertible bond, each investor was granted one warrant free of charge. Each warrant entitles to purchase 350 ALNO shares. The warrant was offered in two options, differing in term and strike price. In total, the warrants entitle investors to purchase 4.9 million shares provided by the Swiss company NORDIC Kitchen Holding AG, Zug. The issuer of the warrants is ALNO AG. The mandatory convertible bonds as well as the warrants were admitted to trading on the Open Market of the Frankfurt Stock Exchange.

The Ashurst team was jointly led by partner Dr Tobias Krug (Finance) and counsel Dr Gerrit Clasen (Corporate Finance). They were supported by associates Dr Angela Brücken (Corporate Finance) and Alexandra Heitmann (Finance, all Frankfurt).