Hogan Lovells advises consortium of banks on EUR 500 million Salzgitter bond exchangeable for shares of Aurubis AG
Global law firm Hogan Lovells has advised the joint global coordinators and joint bookrunners BNP PARIBAS, COMMERZBANK (in cooperation with ODDO BHF), Deutsche Bank and UniCredit on the issuance of an exchangeable bond by Salzgitter AG.
The senior unsecured bonds due 2032 are exchangeable for existing no-par value ordinary bearer shares of Aurubis AG. They were placed in a private placement in an aggregate principal amount of EUR 500 million and issued on 22 October 2025. Application is intended to be made to include the Bonds in the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange.
In addition, Salzgitter Mannesmann GmbH, a wholly owned subsidiary of the Issuer, entered into a stock lending arrangement with BNP PARIBAS or one of its affiliates, in respect of an aggregate of up to 2,000,000 Shares, for the purpose of facilitating to the extent possible hedging activities of certain subscribers of the Bonds or any further acquirers of the Bonds.
Hogan Lovells team for the banks
Prof. Dr. Michael Schlitt (Partner, Lead Partner, Frankfurt), Dr. Susanne Ries (Of Counsel, Co-Lead, Berlin), Dr. Sebastian Biller (Counsel, Munich), Simona Gradišek (Senior Business Lawyer, Frankfurt) (all Corporate and Capital Markets);
James Doyle (Partner, Lead Partner), Andrew Carey (Senior Counsel), Neil Kurzon (Counsel) (all Capital Markets, London);
Alex Parkhouse (Partner, London), Mark Devlin (Counsel, Frankfurt), Richard Aftanas (Partner, New York) (all U.S. law).
Inhouse teams for the banks
Anthony Dow, Marzia Argnani, Andrew Lennon (both BNP PARIBAS), Nicole Behringer, LL.M., Christina Gerhardt (both COMMERZBANK), Dr. Mark K. Oulds (Deutsche Bank), Adrian Schäfer, Matthias Preißer (UniCredit)
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