Hengeler Mueller advises Lufthansa on issue of EUR 600m convertible bond

Deutsche Lufthansa Aktiengesellschaft successfully placed senior unsecured convertible bonds in an aggregate principal amount of EUR 600 million. The bonds have a coupon of 2.0 percent per annum. The transaction was more than 6 times oversubscribed. Unless previously converted, redeemed or repurchased and cancelled, the bonds will be redeemed at their principal amount on 17 November 2025. Investors also have the possibility to convert the bonds into new and/or existing no-par value ordinary registered shares of the company. The initial conversion price was set at EUR 12.96, representing a conversion premium of 40 percent above the reference share price.

Hengeler Muller advised Lufthansa on the transaction. The team included partner Wolfgang Groß as well as associates Pascal Brandt and Henrik Gildehaus (all Capital Markets, Frankfurt).