Morrison Foerster has advised long-standing client DEAG Deutsche Entertainment Aktiengesellschaft (DEAG) on the placement of a corporate bond under Nordic law (Nordic Bond) with an issue volume of €50 million. The transaction consisted of an exchange offer with additional call option to the holders of DEAG's existing corporate bond 2018/2023, a public offering via the subscription functionality of Deutsche Börse AG, and a private placement to international institutional investors. The securities prospectus was approved by the Luxembourg financial supervisory authority CSSF. IKB Deutsche Industriebank AG and Pareto Securities AS, Frankfurt branch, acted as joint lead managers. The very high demand for the new corporate bond led to a significant oversubscription and was supported by international institutional investors and private investors.
DEAG intends to use the proceeds to refinance the existing 2018/2023 bond and to continue its strategy of inorganic and organic growth in Europe, in particular by acquiring majority interests in companies in the live entertainment industry.
Team Morrison Foerster, Berlin: partners Dr. Dirk Besse and Dr. Sebastian Schwalme (Corporate/M&A); Paula Paprocki, Zin Nakam, and Alexander Bohr (all Corporate/M&A); and partner Dr. Angela Kerek (Finance).