Covestro’s €447 Million Capital Increase

Latham & Watkins advised a consortium of banks led by BofA Securities, Citigroup and Credit Suisse on the deal.

Covestro AG completed its capital increase from authorized capital with exclusion of subscription rights.

10,200,000 new shares were placed with institutional investors at a placement price of EUR 43.85 per share in an accelerated bookbuilding process, resulting in gross proceeds of approximately EUR 447 million before deduction of commissions and expenses. The newly issued shares are to be admitted to trading without a prospectus on the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange on October 15, 2020. Trading is expected to commence on October 16, 2020.

The Latham team advising the consortium of banks was led by Frankfurt partner Oliver Seiler (Picture) with associates David Rath and Alexandre Maturana. Advice was also provided on US capital markets law by Milan/London partner Ryan Benedict and Milan capital markets lawyer Irene Pistotnik.

Involved fees earner: Ryan Benedict – Latham & Watkins; Alexandre Maturana – Latham & Watkins; Irene Pistotnik – Latham & Watkins; David Rath – Latham & Watkins; Oliver Seiler – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Credit Suisse;