Clifford Chance
Clifford Chance advises Volkswagen Group on high-volume multi-currency bond issuance worth around EUR 3.8 billion
30 September 2019
- George Hacket, , , Andrei Manea, Sebastian Maerker, , Paul Deakins, Pearl Mahaga, Olaf Mertgen, Avrohom Gelber
Clifford Chance advises Volkswagen Group on high-volume multi-currency bond issuance worth around EUR 3.8 billion
International law firm Clifford Chance has successfully advised leading automotive manufacturing company Volkswagen Group in its recent high-volume bond issuance in the US and Canadian markets.
In the Rule 144A U.S. offering, Volkswagen Group raised USD 3 billion structured through 5 tranches issued by Volkswagen Group of American Finance, LLC. The banking syndicate for this transaction comprised of BofA Merrill Lynch, Barclays, MUFG, TD Securities and Wells Fargo Securities. The Canadian offering would help the Volkswagen Group raise around CAD 1.5 billion and the banking syndicate for this issuance consisted of TD Securities Inc., RBC Capital Markets and Scotiabank.
All bonds are guaranteed by the Volkswagen AG, and have a rating of A3 by Moody's and BBB+ by S&P.
The cross-border Clifford Chance team comprising lawyers in Frankfurt, London, and New York consisted of partner George Hacket, senior associate David Santoro, associates Elizabeth van der Sande and Andrei Manea (U.S. Capital Markets matters), partner Sebastian Maerker and associate Wolfgang Ettengruber (German Capital Markets matters; all Banking & Capital Markets, Frankfurt), partner Paul Deakins and associate Pearl Mahaga (both Capital Markets, London), partner Olaf Mertgen (Tax, Frankfurt) as well as partner Avrohom Gelber (Tax, New York).
