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6 February 20241 minute read

DLA Piper advises PORR on hybrid bond issuance

DLA Piper has advised PORR AG (PORR), a leading European construction group, on the issuance of a EUR135 million hybrid bond, placed with national and international institutional investors. As part of the transaction, investors also had the option of selling the hybrid bond issued in 2020 and 2021 back to PORR.

This was PORR's fifth issue of a hybrid bond and the transaction was handled by Raiffeisen Bank International AG and M.M.Warburg. A team from DLA Piper’s Vienna office led by Corporate partner Christian Temmel and supported by counsel Christian Knauder worked on the transaction .

Christian Temmel commented: “PORR is not only a leading construction group, but also a respected and experienced issuer of complex capital market instruments. The fact that PORR's hybrid bond was oversubscribed underscores the excellent reputation that it enjoys on the capital market and we are very pleased to have once again supported our long-standing client PORR on such a significant transaction.”