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Allen & Overy advises syndicate banks on placement of EUR 1bn convertible bonds issued by Rheinmetall AG

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Allen & Overy has advised a syndicate of banks on the successful placement of EUR 1 billion convertible bonds issued by Rheinmetall AG (Rheinmetall).

Rheinmetall has placed two series of unsubordinated, unsecured convertible bonds, each with an aggregate principal amount of EUR 500 million due on 7th February 2028 and on 7th February 2030, respectively, offered by way of an accelerated bookbuilding process.

The Company intends to use the net proceeds from the issue of the bonds to finance a significant share of the intended acquisition of Expal Systems S.A., announced by Rheinmetall on 13 November 2022, to provide strategic flexibility to fund internal and external growth initiatives and for general corporate purposes.

BNP PARIBAS and BofA Securities Europe SA acted as Joint Global Coordinators, and together with Barclays Bank Ireland PLC, as Joint Bookrunners on the transaction. COMMERZBANK in cooperation with ODDO BHF SCA and UniCredit Bank AG acted as Co-Lead Managers.

The Allen & Overy team was led by partner Dr Knut Sauer (Capital Markets) and comprised furthermore partner Marc Plepelits, senior associate Martin Schmidt (both U.S. Corporate Finance) as well as associate Alan James-Schulz (Capital Markets, all Frankfurt).

BofA Securities Europe SA was advised in-house by Simon Turnbull and Claudius Furtwängler, BNP PARIBAS was advised in-house by Anthony Dow.

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