Linklaters advises Viridium on the inaugural issue of a €850 million Subordinated Tier 2 Bond

Linklaters advised the Viridium Group on the successful debut issue of a €850 million subordinated bond. The transaction is closely linked to the recently completed acquisition of the Viridium Group by a consortium of investors consisting of Allianz, BlackRock, Generali Financial Holdings, Hannover Re, PG3, Santander Insurance and T&D Holdings.

The bond was issued by the new parent company of the Viridium Group, based in Luxembourg, and has a scheduled maturity date in 2035. The purpose of the bond is to furnish the issuer with Tier 2 basic own-fund items on a consolidated basis. The bond was issued under German law and is listed on the Euro MTF market of the Luxembourg Stock Exchange.

The proceeds from the bond issue will be used for general corporate purposes, including the refinancing of a bridge facility drawn down in connection with the acquisition of the Group.

The Viridium Group is a leading life insurance consolidator and one of the five largest life insurance groups in the German market.

The Linklaters team was led by Dr Alexander Schlee (Partner) and Martin Rojahn (Counsel, both Capital Markets, Frankfurt).

Other team members included Nicki Kayser (Capital Markets), Joakim-Antoine Charvet (Tax, both partners, Luxembourg), Delphine Horn (Counsel), Tiago Ventura Mendes (Senior Managing Associate, both Capital Markets, Luxembourg), Cyrielle Nis (Senior Managing Associate, Tax, Luxembourg) and associates Catrin Retzmann, Tabea Meißner (both Capital Markets, Frankfurt), Christoforos Naziroglou (Capital Markets) and Gaëtan Molina (Tax, both Luxembourg).