Legal DealFolio - Volkswagen AG NC7, NC12 Subordinated Notes

Clifford Chance advised Volkswagen Aktiengesellschaft in connection with the placement of two issues of undated subordinated notes subject to interest rate reset, consisting of EUR 1.25 billion of notes with a first call date in 2021 (NC7 Notes) and EUR 1.75 billion of notes with a first call date in 2026 (NC12 Notes). The NC7 Notes and NC12 Notes were issued by Volkswagen International Finance N.V. with a subordinated guarantee by Volkswagen Aktiengesellschaft. The notes are expected to receive 50% equity treatment by rating agencies Standard & Poor's and Moody's and to strengthen both the net liquidity position and the capital base of Volkswagen Aktiengesellschaft. The notes were offered in private placements to institutional investors in Germany and other countries, excluding the United States of America, and have been admitted to the Official List of the Luxembourg Stock Exchange. Barclays Bank PLC, Goldman Sachs International, HSBC Bank plc and Societe Generale acted as joint bookrunners for the offering. The Clifford Chance team consisted of partners Dr. George Hacket (Banking & Capital Markets, Frankfurt) and Dr. Wolfgang Richter (Corporate, Frankfurt), counsel David Detweiler, senior associate Dr. Axel Wittmann and associate Ryan Dunmire (all Capital Markets, Frankfurt) as well as partner Frank Graaf, counsel Jurgen van der Meer and associates Joep Bertrams, Moussa Louizi and Trevor Stegeman (all Capital Markets, Amsterdam).

Deal Date:	26-03-2014	Practice Area:	Debt Capital Markets
Deal Title:	Volkswagen AG NC7, NC12 Subordinated Notes	Industry:	Automobiles & Parts
Description:	Clifford Chance advised Volkswagen Aktiengesellschaft in connection with the placement of two issues of undated subordinated notes subject to interest rate reset, consisting of EUR 1.25 billion of notes with a first call date in 2021 (NC7 Notes) and EUR 1.75 billion of notes with a first call date in 2026 (NC12 Notes). The NC7 Notes and NC12 Notes were issued by Volkswagen International Finance N.V. with a subordinated guarantee by Volkswagen Aktiengesellschaft. The notes are expected to receive 50% equity treatment by rating agencies Standard & Poor's and Moody's and to strengthen both the net liquidity position and the capital base of Volkswagen Aktiengesellschaft. The notes were offered in private placements to institutional investors in Germany and other countries, excluding the United States of America, and have been admitted to the Official List of the Luxembourg Stock Exchange. Barclays Bank PLC, Goldman Sachs International, HSBC Bank plc and Societe Generale acted as joint bookrunners for the offering. The Clifford Chance team consisted of partners Dr. George Hacket (Banking & Capital Markets, Frankfurt) and Dr. Wolfgang Richter (Corporate, Frankfurt), counsel David Detweiler, senior associate Dr. Axel Wittmann and associate Ryan Dunmire (all Capital Markets, Frankfurt) as well as partner Frank Graaf, counsel Jurgen van der Meer and associates Joep Bertrams, Moussa Louizi and Trevor Stegeman (all Capital Markets, Amsterdam).
Financial Center:	Frankfurt	Value:	1000.01-5000.00
Advised Party:	Issuer	Law Firm	Clifford Chance
Issuer Jurisdiction	Germany	Listing Jurisdiction	Germany
Classification:	Corporate Bonds Subordinated Debt	Lawyer	George T Hacket

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Debt Capital Markets Law Firms and Lawyers

Practice Areas - Debt Capital Markets Law Firms and Lawyers