19 January 2018 I Deals and Cases

Bär & Karrer Advises SPS on the Placement of CHF 300 Million 0.325% Senior Convertible Bonds

On 16 January 2018, Swiss Prime Site AG successfully placed CHF 300 Million 0.325% convertible bonds due 2025. The bonds were issued at 100% of their principal amount and will mature on 16 January 2025. Bondholders who convert their bonds will receive the bonds' par amount in cash and any excess amount in registered shares of Swiss Prime Site (Net Share Settlement), subject to the Issuer's right to elect to settle any exercise of conversion rights with any combination of cash and shares. It was the first transaction with a Net Share Settlement feature in the Swiss market. Credit Suisse, UBS and Bank Vontobel acted as Joint Bookrunners in this transaction.

Bär & Karrer acted as transaction counsel to Swiss Prime Site and the Joint Bookrunners in this transaction. The team included Thomas U. Reutter, Roland Truffer, Sandro Fehlmann, Daniel Raun, Alexander von Jeinsen and Stefanie Walch (all Capital Markets) as well as Daniel Lehmann, Markus Mühlemann and Laurent Riedweg (all Tax).