Volkswagen AG’s €2.75 billion hybrid bonds offering

World-leading Germany-based car manufacturer Volkswagen AG and its affiliate Volkswagen International Finance N.V. have issued EUR 2.75 billion in hybrid bonds.

The bonds consist of two tranches, one tranche with an aggregate principal amount of EUR 1.25 billion with a first call date in December 2024 and another tranche with an aggregate principal amount of EUR 1.5 billion with a first call date in June 2028. The notes are listed on the regulated market on the Luxembourg Stock Exchange.

The joint lead banks were Barclays Bank plc, BNP Paribas, Merrill Lynch International and UniCredit Bank AG.

International law firm Clifford Chance has advised Volkswagen on this transaction with a team led by partners Dr. George Hacket (picture) and Sebastian Maerker, counsel Barbora Moring and associate Andrei Manea (all Banking & Capital Markets, Frankfurt), partner Jurgen van der Meer and associates Bauke de Vries and Moussa Louizi (all Banking & Capital Markets, Amsterdam), partner Olaf Mertgen (Tax, Frankfurt) as well as partner François-Xavier Dujardin (Tax, Luxembourg).


Involved fees earner: George Hacket – Clifford Chance; Sebastian Maerker – Clifford Chance; Barbora Moring – Clifford Chance; Andrei Manea – Clifford Chance; Jurgen van der Meer – Clifford Chance; Bauke de Vries – Clifford Chance; Moussa Louizi – Clifford Chance; Olaf Mertgen – Clifford Chance; François-Xavier Dujardin – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Volkswagen;