Bayer AG Closes €4 Billion Mandatory Convertible Notes and Concurrent Accelerated Delta Placement

November 22, 2016

S&C represented Bayer AG in its €4.0 billion mandatory convertible notes and concurrent accelerated delta placement, which launched on November 15 and closed on November 22.
Distinguishing attributes of the offering include:

  • Largest-ever EMEA mandatory convertible bond
  • Largest EMEA equity-linked issuance since 2004, and second-largest EMEA equity linked issuance ever
  • Third-largest global mandatory convertible bond offering
  • Largest EMEA accelerated equity deal since January 2015
  • Fifth-largest EMEA accelerated equity deal ever  
The Frankfurt-based S&C team representing Bayer was led by Krystian Czerniecki and Carsten Berrar.