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15 December 2021
press release

Austria: Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase

Schoenherr advised UNIQA Insurance Group AG, one of the leading insurance groups in Austria and CEE, on its successful issue of new EUR 375m green tier 2 notes and concurrent repurchase of existing subordinated notes in the same principal amount.

As a result of the tender offer, UNIQA refinanced initial coupons of 6.000 % and 6.875 % of EUR 375m existing subordinated notes maturing 2023 and 2026 respectively, through the placement of a new green bond with a significantly lower coupon of 2.375 %. The new subordinated notes, which are rated BBB by Standard & Poor's, are eligible as tier 2 basic own funds in accordance with regulatory requirements.

J.P. Morgan Bank AG and Raiffeisen Bank International AG acted as dealer managers and joint bookrunners on this transaction.

"We congratulate UNIQA on closing yet another landmark transaction despite challenging market conditions, and are proud to have also advised the company on its second green bond issuance" says Ursula Rath, who led the Schoenherr team advising UNIQA on this transaction.

The Schoenherr team consisted of Ursula Rath (lead; partner), Christoph Moser (partner), Peter Feyl (partner), Viktoria Stark (associate) and Marco Thorbauer (attorney at law).

The Freshfields team advising the joint lead managers was led by Stephan Pachinger (partner) and supported by Birgit Schulz (counsel) and Benedikt Graf (associate).



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