White & Case Advises Deutsche Lufthansa AG on €2.1 Billion Capital Increase with Subscription Rights

Global law firm White & Case LLP has advised Deutsche Lufthansa AG on its capital increase with subscription rights, with the gross proceeds of the capital increase amounting to €2.1 billion.

Lufthansa has increased its share capital by issuing 597.7 million new shares at a subscription ratio of 1:1 (one new share for one existing share) and a subscription price of €3.58 per new share. The transaction has been fully underwritten by a syndicate of banks (firm underwriting). In addition, a number of funds and accounts under the management of BlackRock, Inc. entered into a sub-underwriting agreement for a total of €300 million and committed to fully exercise their subscription rights. 

The capital increase serves to strengthen Lufthansa's equity position. The company will primarily use the net proceeds to repay the silent participation I of the Economic Stabilization Fund of the Federal Republic of Germany (ESF) in the amount of €1.5 billion.

The White & Case team which advised on the transaction was led by partners Thilo Diehl, Rebecca Emory, Alexander Kiefner and Karsten Wöckener (all Frankfurt), and included partners Lutz Krämer, Gernot Wagner, Bodo Bender (all Frankfurt), Hendrik Röger (Hamburg) and Norbert Wimmer (Berlin), local partners Peter Becker and Cristina Freudenberger (both Frankfurt), counsel Kathrin Ahting, Christoph Arhold (both Berlin), Josef Große Honebrink and Alexander Born (both Frankfurt), and associates Lukas Hackmann, Florian Fraunhofer, Heinrich Nemeczek, Daniel Gillenkirch, Philipp Kronenbitter, Benedikt Happ, Patrick Schoelles and Sina Reck (all Frankfurt) and Christian Crohn (Berlin).

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