Clifford Chance advised Heidelberger Druckmaschinen AG and the banking consortium as transaction counsel regarding the placement of convertible notes with a total volume of EUR 60 million.

The unsecured unsubordinated convertible bond has a maturity of 4 years. The coupon was set at 8.5 per cent.

The convertible notes were offered to institutional investors in the course of private placements in Germany and abroad. Heidelberg intends to apply for the convertible notes being admitted to the Open Market at the Frankfurt Stock Exchange.

The banking consortium included Bank of America Merrill Lynch and MainFirst Bank AG as joint bookrunners and joint lead managers.

The Clifford Chance team included partners Markus Pfüller and Sebastian Maerker, counsel Philipp von Ploetz (all Banking & Capital Markets, Frankfurt), partner Dr. Wolfgang Richter and senior associate Melissa Bach (both Corporate, Frankfurt).