Cerha Hempel has advised Vienna Insurance Group on a two-fold capital restructuring transaction. Wolf Theiss and Linklaters advised the banking syndicate including BNP Paribas, Erste Group, HSBC, ING, and UniCredit.
According to Cerha Hempel, VIG launched a tender offer on March 25, 2025, for its outstanding EUR 214.4 million subordinated notes due in March 2046 and EUR 200 million subordinated notes due in April 2047. Tier 2 notes totaling EUR 126 million were validly tendered and accepted for purchase by VIG, with settlement taking place on April 7, 2025.
Moreover, Cerha Hempel reports that VIG has, in parallel, successfully placed EUR 300 million in new tier 2 notes, with a ten-year maturity, an initial coupon of 4.625% per annum, and denominated in tranches of EUR 100,000. The notes, listed on the Official Market of the Vienna Stock Exchange, were signed on March 31, 2025, and closed on April 2, 2025.
The Cerha Hempel team included Partners Volker Glas and Thomas Zivny, Senior Counsel Christian Aichinger, and Associate Sophie Schmid.
The Wolf Theiss team included Partner Claus Schneider, Counsel Eva Stadler, Senior Associate Sebastian Prakljacic, and Associates Rainer Holweg and Magdalena Bertsch.
