• Carsted Rosenberg

Carsted Rosenberg Advises on Heidelberger Druckmaschinen AG EUR 51,000,000 High Yield Bond

Updated: Apr 26


Heidelberger Druckmaschinen AG successfully issued a EUR 51,000,000 German-law governed high-yield bond, which constitutes a further issuance of, and will form a single class with, Heidelberg’s existing 9.25 percent bond due 2018. The new financing and collateral security structure used in the transaction spanned a total of 24 jurisdictions.


Cravath Swaine & Moore and Hengeler Müller advised the banks, which were led by Deutsche Bank, on the bond issue.


Lead by global law firm Clifford Chance, Frankfurt, as global lead counsel, Clifford Chance, New York, Clifford Chance, London, Clifford Chance, Amsterdam, Clifford Chance, Paris, Clifford Chance, Singapore, Clifford Chance, Tokyo, Clifford Chance, Hong Kong, Fasken Martineau DuMoulin, Toronto, King & Wood Mallesons, Sydney, Wolf Theiss, Vienna and Carsted Rosenberg, Copenhagen all acted as local counsels to Heidelberger Druckmaschienen AG on the successful issue of the EUR 51,000,000 High-Yield Bonds.


White & Case, Munich as global lead counsel and White & Case, New York, White & Case, London, White & Case, Paris, White & Case, Hong Kong, White & Case, Tokyo, Nauta Dutilh, Amsterdam, Stiekmann Elliott, Toronto, Schönherr, Vienna, Allens Arthur Robinson, Sydney and Gorrissen Federspiel, Copenhagen advised the banks.


A banking consortium comprising Deutsche Bank (London), BNP Paribas, Commerzbank and Landesbank Baden-Württemberg acted as joint bookrunners and joint lead managers for the placement and DZ Bank and HSBC Bank as co-managers.


As with the existing high-yield bond issued by Heidelberger Druckmaschinen AG, the additional high-yield bond matures 15 April 2018. The net proceeds from the additional EUR 51,000,000 high-yield bond will be applied for general corporate purposes of the issuer. Moreover, the EUR 390,000,000 syndicated credit facility available to Heidelberger Druckmaschinen AG will be reduced by an amount corresponding to the net proceeds of the high-yield bond issue to EUR 340,000,000. The tap on its high-yield bond, which is governed by German law, was successfully placed with international investors. By offering the additional high-yield bond via a tap on the existing high-yield bond, Heidelberger Druckmaschinen AG is taking advantage of the positive capital market conditions. Going forward, Heidelberger Druckmaschinen AG's financing structure will based on the syndicated credit facility due 2017, the EUR 60,000,000 convertible bond due 2017, and the EUR 354,000,000 high-yield bond due 2018. Heidelberger Druckmaschinen AG has thereby arranged an broad financial structure for its business via a diversified financing and successfully replaced the governmental credit facilities with commercial market credit. This transaction marks another successful milestone for Heidelberger Druckmaschinen AG.


As a specialist law firm, Carsted Rosenberg supports international law firms, issuers and financial institutions with bespoke legal counsel services in relation to Danish capital markets law in connection with large-scale cross-border transactions with a Danish element. Our close cooperation ensures a successful result.


For more information on our capital markets transaction expertise please contact Michael Carsted Rosenberg or Andreas Tamasauskas to discuss any matters in relation to capital markets law and high-yield bond in Denmark.