White & Case advises consortium of banks on Erste Group´s tender offer and issue of €750 million AT1 notes

Global law firm White & Case LLP has advised a consortium of banks in connection with tender offers launched by Erste Group Bank AG (Erste Group) for its outstanding €500 million AT1 notes (Undated Fixed to Fixed Resettable Additional Tier 1 Notes) and its €750 million AT1 notes, as well as on the issuance of new €750 million AT1 notes.

The tender offers were launched on 22 June 2026 and were made on terms and subject to the conditions set out in a Tender Offer Memorandum dated 22 June 2026. Upon expiry of the offer period, notes with an aggregate principal amount of €748.6 million were validly tendered. Settlement of the tender offers occurred on 1 July 2026.

Erste Group also successfully issued AT1 notes with an aggregate principal amount of €750 million. The newly issued notes bear interest at an initial rate of 5.875 % per annum.

The newly issued notes have been admitted to trading on the Official Market of the Vienna Stock Exchange.

The White & Case team in Frankfurt which advised on the transaction was led by partners Karsten Wöckener and Claire-Marie Mallad and included counsel Peter Becker as well as associate Robin Pichler.

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