Category Archives: News, Deals & Cases
Nestlé issued an aggregate of USD 4 bn notes
On 13 September 2022, Nestlé Holdings, Inc. successfully completed its issuance of USD 750 m 4.000% Notes due 2025, USD 500 m 4.125% Notes due 2027, USD 500 m 4.250% Notes due 2029, USD 1.25 bn 4.300% Notes due 2032 and USD 1 bn 4.700% Notes due 2053. The Notes are guaranteed by the Nestlé group’s Swiss parent company Nestlé S.A. The offering of the Notes was done in reliance on Rule 144A and Regulation S under the U.S. Securities Act.
Finalization of Vifor Pharma acquisition by CSL Limited
On 2 August 2022, CSL Limited announced that it has received all necessary regulatory clearances for the acquisition of Vifor Pharma AG announced on 14 December 2021. The settlement of the USD 11.7 bn public tender offer occurred on 9 August 2022.
Public tender offer for Bobst Group SA by its largest shareholder, JBF Finance SA
On 25 July 2022, JBF Finance SA (JBF) announced a public tender offer for all publicly held shares of SIX listed Bobst Group SA, the parent company of Bobst, one of the world’s leading suppliers of substrate processing, printing and converting equipment and services for the label, flexible packaging, folding carton and corrugated industries.
JBF is a company whose shares are held by more than 60 members of the families of the descendants of Joseph Bobst, who founded Bobst in 1890. With 53% of the company’s shares, JBF is also Bobst Group’s largest shareholder. Through its tender offer, JBF expects to be able to take Bobst Group private through a delisting of its shares.
GDR offerings and listings on SIX Swiss Exchange
On 28 July 2022, SIX Swiss Exchange officially launched the Swiss GDR-leg of the China-Switzerland Stock Connect with the participation of senior government representatives from China and Switzerland. In addition to the official launch celebrations, the first Chinese companies GEM, Gotion Hightech, Keda Industrial Group and Ningbo Shanshan successfully listed global depositary receipts (GDRs) on the SIX Swiss Exchange.
Zur Rose Group completes CHF 95 m Convertible Bonds and the CHF 44 m Capital Increase
On 1 September 2022, Zur Rose Group announced the successful placement of newly issued shares raising gross proceeds of approx. CHF 44 m and CHF 95 m guaranteed senior unsecured convertible bonds. The convertible bonds were allocated to investors in a bookbuilding, subject to claw-back by existing shareholders who were granted the right to exercise their advance subscription rights. The convertible bonds were issued by a subsidiary of Zur Rose Group and are convertible into shares of, and are guaranteed by, Zur Rose Group.
Initial Public Offering EPIC Suisse AG
On 25 May 2022, EPIC Suisse AG announced the pricing of its IPO and start of trading on SIX Swiss Exchange. The offer price was set at CHF 68 per share and a total of 2,686,567 shares were placed in the IPO, implying a market capitalisation of CHF 693 million (before exercise of the Over-Allotment Option). EPIC will raise gross proceeds from the IPO of approximately CHF 183 million before exercise of the Over-Allotment Option (and approximately CHF 203 million if the Over-Allotment Option is exercised in full). The Company will use the net proceeds from the IPO predominantly to finance its current development projects as well as potential future acquisitions, after redeeming bank facilities and shareholder loans. EPIC’s shares started trading on 25 May 2022 on SIX Swiss Exchange under the ticker symbol EPIC.
Kantonsspital Aarau AG’s Issuance of Green Bonds
On 23 May 2022, Kantonsspital Aarau AG (KSA) completed the issuance and placement of its first green bond in an amount of CHF 120 million The net proceeds are intended to be used, amongst other things, for the financing of “Dreiklang,” KSA’s new ecological construction project. The company is committed to providing sustainable acute and specialized healthcare. The sustainable bond has a maturity of 15 years and is therefore due 2037. It is issued with a coupon of 1.65% at a price of 100.199%.
Feintool International Holding AG’s Rights Offering
On 12 May 2022, Feintool International Holding AG announced the completion of its capital increase by way of a rights offering launched on 28 April 2022, in which Feintool shareholders were allocated subscription rights in proportion to their shareholdings in Feintool. Shares not taken up in the rights offering were subsequently sold to investors in a share placement. The offering resulted in proceeds of approximately CHF 202 million, which will be used to repay the bridge financing for the acquisition of Kienle + Spiess, to finance growth investments and for general corporate purposes. UBS acted as sole global coordinator and bookrunner and ZKB as bookrunner in this rights offering.
Mobimo Holding AG’s Rights Offering
On 6 May 2022, Mobimo Holding AG completed its rights offering and listing of shares on SIX Swiss Exchange arranged by UBS and ZKB. The capital increase was made by way of a rights offering launched on 21 April 2022, in which Mobimo shareholders were allocated subscription rights in proportion to their shareholdings in Mobimo. Shares not taken up by Mobimo shareholders were subsequently sold to investors in a share placement. Mobimo has issued 660,154 registered shares with a par value of CHF 3.40 each leading to gross proceeds in an amount of approximately CHF 162 million. The proceeds raised from the capital increase will be used to support the execution of Mobimo’s growth strategy and the realisation of its development projects while maintaining a strong capital base.
Sonova’s Issuance of Dual-Tranche Bonds
On 2 May 2022, Sonova Holding AG successfully placed CHF 450 million Bonds. The Bonds are governed by Swiss law and are to be listed on the SIX Swiss Exchange. The Bonds will be issued in two tranches, the first tranche with a duration until 2029 and a coupon of 1.050% and the second tranche with a duration until 2032 and a coupon of 1.400%.