Valora Holding AG Issues CHF 120,000,000 4.00% Perpetual Callable Subordinated Bonds

Valora Holding AG successfully completed the issuance of CHF 120,000,000 4.00% Perpetual Callable Subordinated Bonds (the "Bonds"). The Bonds are undated, with a first call date and interest step-up after 5.5 years. The net proceeds from this hybrid capital issue were used to refinance part of the CHF 400 million syndicated loan which Valora concluded in connection with its acquisition of Ditsch/Brezelkönig. Credit Suisse AG acted as sole lead manager, and Basler Kantonalbank, Raiffeisen Schweiz Genossenschaft, Commerzbank Aktiengesellschaft and UniCredit Bank AG acted as senior co-managers.

Bär & Karrer acted as legal advisor to Valora Holding AG. The team comprised Roland Truffer, Thomas U. Reutter, Romina Brogini and Livio Bundi, as well as Michael A. Barrot (tax).