Raiffeisen Bank International AG Completes EUR 650 Million Tier 1 Notes Issuance and Repurchase
Deal News | Nov 26, 2024 | Wolf Theiss
Wolf Theiss, a prominent law firm, advised Raiffeisen Bank International AG (RBI) on the successful issuance and subsequent repurchase tender offer of EUR 650 million Fixed to Reset Rate Additional Tier 1 Notes. This financial maneuver, executed on November 25, 2024, aims to strengthen RBI's regulatory capital position in accordance with European banking standards. The issuance has a first reset date of June 15, 2030, and was facilitated by major financial institutions including BofA Securities Europe, BNP Paribas, Citigroup Global Markets Europe, and others. The 2024 issuance entailed a tender offer to repurchase notes from 2017 with a first reset date of December 15, 2022. Noteholders can sell back their notes at 101.875% with the settlement projected around November 27, 2024. Wolf Theiss's legal assistance included drafting essential transaction documents and ensuring seamless execution of the complex issuance and repurchase operations.
Sectors
- Banking and Financial Services
- Legal Services
Geography
- Austria – Raiffeisen Bank International AG and Wolf Theiss are both based in Austria, making this country central to the transaction.
- Europe – The involvement of multiple European financial institutions and the transaction's compliance with European banking regulations make the continent a relevant geographical context.
Industry
- Banking and Financial Services – The transaction is centered around Raiffeisen Bank International AG's capital strengthening through the issuance and repurchase of Additional Tier 1 Notes, a common activity in the banking industry.
- Legal Services – Wolf Theiss provided critical legal advisory services for the issuance and tender offer, a key role in M&A and capital market transactions.
Financials
- EUR 650,000,000 – The value of the Fixed to Reset Rate Additional Tier 1 Notes issued in 2024.
- 101.875% – Purchase price for repurchasing notes dated from 2017.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Raiffeisen Bank International AG | Target Company | Company | An Austrian banking group involved in the issuance and tender offer of the Additional Tier 1 Notes. |
| Wolf Theiss | Legal Advisor | Company | A law firm providing legal advisory services in the transaction. |
| BofA Securities Europe SA | Joint Lead Manager | Company | Part of the consortium managing the notes issuance. |
| BNP Paribas | Joint Lead Manager | Company | Part of the consortium managing the notes issuance. |
| Citigroup Global Markets Europe AG | Joint Lead Manager | Company | Part of the consortium managing the notes issuance. |
| Crédit Agricole Corporate and Investment Bank | Joint Lead Manager | Company | Part of the consortium managing the notes issuance. |
| Raiffeisen Bank International AG | Joint Lead Manager | Company | Also serving as a lead manager in its own issuance. |
| UBS Europe SE | Joint Lead Manager | Company | Part of the consortium managing the notes issuance. |
| Banco de Sabadell, S.A. | Co-Manager | Company | Assisted in the management of the issuance. |
| ING Bank N.V. Belgian Branch | Co-Manager | Company | Assisted in the management of the issuance. |
| Claus Schneider | Partner | Person | Wolf Theiss Partner leading the legal team in the transaction. |
| Christine Siegl | Counsel | Person | Wolf Theiss Counsel involved in the transaction. |
| Sebastian Prakljacic | Senior Associate | Person | Senior Associate at Wolf Theiss assisting in the legal transactions. |
| Eva Stadler | Counsel | Person | Tax Counsel at Wolf Theiss providing support on tax-related matters. |