Allen & Overy LLP has advised a syndicate of banks comprising Commerzbank Aktiengesellschaft, J.P. Morgan Securities plc, Société Générale Corporate and Investment Banking and UniCredit Bank AG on the successful placement of EUR 500 million subordinated hybrid bonds by Hannover Re.
The bonds were issued via Hannover Re’s subsidiary Hannover Finance (Luxembourg) S. A., are guaranteed, on a subordinated basis, by Hannover Rückversicherung AG and have a maturity of approximately 30 years, with a first scheduled call option on 30 June 2023. Coupon payments as well as redemption will be subject to certain conditions and may be deferred.
The Allen & Overy team was led by partners Dr. Oliver Seiler (equity capital markets, Frankfurt), Gernot Wagner (US corporate finance, Frankfurt), Dr. Heike Weber (tax, Frankfurt) and counsel Dirk Eisel (equity capital markets, Frankfurt), with the latter being responsible for the overall transaction management. They were assisted by Counsel Klaus Hahne (tax, Frankfurt) and associates Dr. Alexander Schlee (capital markets, Frankfurt) and Stefka Kavaldjieva (US tax, London).
