White & Case advises bank syndicate on Gothaer’s €300 million bond issuance and corresponding public tender offer

Global law firm White & Case LLP has advised the joint bookrunners on Gothaer Allgemeine Versicherung AG's (Gothaer) public tender offer for €250 million outstanding subordinated bonds and the issuance of €300 million subordinated fixed to floating rate bonds.

As part of a public tender offer to the current owners of the outstanding €250 million subordinated fixed to floating rate bonds, which are scheduled to mature in 2045, Gothaer acquired bonds in a nominal amount of almost €100 million from current owners. Concurrently, Gothaer issued a new subordinated fixed to floating rate bond with an aggregate nominal amount of €300 million, set to mature in 2045.

The new bond complies with the requirements for Tier2 basic own-funds and may be called by the issuer during the first ten years under limited circumstances only. The new bond bears interest of 3.5 percent annually for the first ten years, after which a floating interest rate will apply.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and local partner Felix Biedermann and included counsel David Santoro and Alexander Born and associates Darleen Stöckl and Domenick Mack.

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