Wolf Theiss advises Sava Re, d.d. on the issue of a rated subordinated corporate bond

Sava Re, d.d. successfully issued a subordinated corporate bond in the amount of EUR 75 million targeting institutional investors. The corporate bond rated BBB+ by Standard & Poor’s Global Ratings Europe Limited has a denomination of EUR 100,000 and a coupon of 3.750 per cent. per annum until the first call date. Thereafter, unless previously redeemed, the corporate bond will bear interest at a rate of 4.683 per cent. per annum above the 3-months EURIBOR until scheduled maturity in 2039. The Issuer intends to use the net proceeds for general corporate purposes of its group and optimisation of its capital structure. The closing for the corporate bond which has been admitted to trading on the Luxembourg Stock Exchange’s regulated market took place on 28 October 2019.

Sava Re, d.d. was advised by a multi-jurisdictional Wolf Theiss DCM team. Led by Markus Bruckmüller and Klemen Radosavljevic, our team consisted of Claus Schneider, Christine Siegl, Tjasa Lahovnik, Nikolaus Dinhof and Sebastian Prakljacic.

The corporate bond was placed by Erste Group Bank AG as sole structuring advisor and sole bookrunner who was advised by Peter Waltz and Konrad Uhink from Linklaters LLP Frankfurt.