IFLR1000

Bertelsmann €1.25 Billion two tranche hybrid bond issue

23/4/2015
Convertible and hybrid securities
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€ 1.25 billion

$ 1.344 billion

Completed

23/4/2015

Overview:

  • German media company Bertelsmann issued a €1.25 billion hybrid bond with a term of 60 years in two tranches.
  • The larger €650 million tranche has an interest rate of 3% and a first call date 23 April, 2023.
  • The other €660 million tranche has an interest rate of 3.5% and first call date of 23 April, 2027. 
  • Barclays, JP Morgan, BNP Paribas, Goldman Sachs International, The Royal Bank of Scotland, Commerzbank, HSBC Bank, and Société Générale were joint bookrunners on the transaction. 

Ben Naylor - Regional Editor

Jurisdiction:

Germany

Deal type:

Convertible and hybrid securities

Practice area:

Capital markets : Debt

Governing law:

Germany

Industry sector:

Media

Firms:
Freshfields Bruckhaus Deringer

Party: Bertelsmann SE & Co (Issuer)

Hengeler Mueller

Party: Barclays Bank (Joint bookrunner, Structuring advisor)

Party: JPMorgan Securities (Joint bookrunner, Structuring advisor)

Party: BNP Paribas (Joint bookrunner)

Party: Goldman Sachs International (Joint bookrunner)

Party: The Royal Bank of Scotland (Joint bookrunner)

Party: Commerzbank AG (Joint bookrunner)

Party: HSBC Bank plc (Joint bookrunner)

Party: Société Générale (Joint bookrunner)

Lawyer: Hendrik Haag

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