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White & Case Advises Bank Syndicate on €1.250 Billion Hybrid Bond Issue of OMV Aktiengesellschaft

Global law firm White & Case LLP has advised Barclays, MUFG, UniCredit Bank Austria, BNP Paribas, Crédit Agricole CIB, J.P. Morgan, Société Générale Corporate & Investment Banking, Bayern LB, DZ Bank AG, Helaba and SMBC Nikko as joint lead managers, on a €1.250 billion hybrid bonds issue by OMV Aktiengesellschaft (OMV).

The bonds are issued in two tranches, in each case with an initial fixed interest rate and subsequent adjustment of the interest rate. With a principal amount of €750 million, the first tranche has an initial fixed coupon of 2.500%. With a principal amount of €500 million, the second tranche has an initial fixed coupon of 2.875%.

Both tranches of the hybrid bonds have an unlimited term and are subordinated to OMV's other financial liabilities. The hybrid bonds will be admitted to trading on the regulated market of the Luxembourg Stock Exchange and the Official Market (Amtlicher Handel) of the Vienna Stock Exchange.

Proceeds from the issue of the hybrid bonds are intended to be used for the financing of the acquisition of an additional 39 percent stake in Borealis AG as well as for general corporate purposes.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and local partner Cristina Freudenberger and included partner Rebecca Emory, counsel Alexander Born and associatesPeter Becker, Florian Fraunhofer, Daniel Gillenkirch and Daniel Sander.

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