USD 2.5 billion mandatory tender offer financing (Renova / Sulzer)

Tiwel Holding AG, a company controlled by the Renova Group, has completed a mandatory tender offer for all publicly held shares in Sulzer AG.  Sulzer AG is listed on SIX Swiss Exchange and specializes in the supply of equipment for the oil and gas sector, power generation, production of cellulose, and operates in space and machine engineering.

Lenz & Staehelin advised Sberbank CIB as arranger and lender on the USD 2.5 billion debt financing of this mandatory tender offer. Under Swiss takeover rules, the financing arrangements for a mandatory tender offer must satisfy the same "certainty of funds" requirements as voluntary tender offers.

The Lenz & Staehelin team was headed by Marcel Tranchet and included Hans-Jakob Diem, Tino Gaberthüel, Roland Fischer, Pascal Genoud, Andreas Hinsen and Sinem Süslü.

Published: 14 January 2016