White & Case Advises Bank of America Merrill Lynch and Citigroup on Infineon's Eurobond Debut
Global law firm White & Case LLP has advised a consortium of banks led by Bank of America Merrill Lynch and Citigroup on the placement of a debut Eurobond by Infineon Technologies AG.
Other banks involved included Bayerische Landesbank, BNP Paribas, Commerzbank, Credit Suisse, DZ BANK AG, Erste Group Bank AG, Goldman Sachs International, Helaba, Raiffeisen Bank International, The Royal Bank of Scotland and UniCredit Bank.
It is the first time that Infineon, which offers semiconductor and system solutions, has placed a bond on the European capital market. The Eurobonds have a combined volume of €800 million and the proceeds will be used to replace the bridge financing granted to finance Infineon’s acquisition of International Rectifier Corporation.
The bonds were placed in two tranches, maturing in 3.5 and seven years, with coupons of 1 and 1.5 percent respectively. They are admitted to trading on the regulated market of the Luxembourg Stock Exchange with a denomination of €1,000. The issue was several times oversubscribed, with particularly strong demand from institutional investors such as investment funds, insurance companies and pension funds.
The White & Case team in Frankfurt was led by partner Karsten Wöckener and included local partner Rebecca Emory, counsel Alexander Born and associates Cristina Freudenberger, Georg Esser, Vincent Vocke and Antony Serban.
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