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Noerr advises Oddo Seydler Bank on EUR60m Singulus restructuring

Noerr has advised Oddo Seydler Bank on the restructuring of a EUR60 million bond of Singulus Technologies as part of a debt-equity swap which involved issuing new shares and bonds.

The lead partners were Frankfurt-based Dr Laurenz Wieneke and Dr Julian Schulze De la Cruz.
 
In February 2016, the Singulus bondholders and shareholders approved a comprehensive restructuring plan at the company which provided that the former bondholders should each transfer their bonds to Oddo Seydler as the settlement agent and receive rights to purchase new shares and bonds in return. The former bondholders made use of more than 82 per cent of the subscription rights by the deadline of 13 July 2016.
 
New shares and bonds not taken up during the purchase offer were placed with former bondholders, shareholders with subscription rights and third parties in the context of a private placement.
 
Oddo Seydler Bank assisted in the transaction as sole global coordinator and bookrunner.

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