Linklaters advises underwriting syndicate of Berenberg Bank, Commerzbank and Baader Bank on stock exchange listing of Sixt Leasing AG
Linklaters has advised the underwriting syndicate comprising Berenberg Bank, Commerzbank and Baader Bank on the stock exchange listing of Sixt Leasing AG. The offering involved the issue of around 5.6 million new shares from a share capital increase and of around 5.2 million secondary shares and around 1.6 million shares in an overallotment option. The shares will be traded on the regulated market of the Frankfurt Stock Exchange (Prime Standard). The issue price was fixed within the upper half of the price range of EUR 17.90 to EUR 21.30 at EUR 20.00 per share.
The total gross placement volume amounts to around EUR 215.1 million and Sixt Leasing AG's gross proceeds from the placement of the new shares amount to around EUR 111.7 million. In combination with the equity injection made by Sixt SE prior to the IPO in the amount of EUR 30.0 million, the equity of Sixt Leasing AG is increased by a total of around EUR 141.7 million.
Sixt Leasing is a subsidiary of the mobility service provider Sixt SE. With this stock exchange listing, Sixt Leasing becomes the first publicly traded automobile leasing company in Germany. The company, which specialises in the leasing and management of fleets, held a portfolio of over 97,000 leasing and fleet management contracts at the end of 2014, with an overall turnover amounting to 575 million euros. In future Sixt Leasing AG intends to continue to expand its busi-ness in the private and commercial sectors. Sixt Leasing AG intends to use the proceeds from the IPO to reduce its current external financial liabilities in order to strengthen its capital base, creating the financial leeway for ongoing growth and a further increase in its profitability by reducing its interest payments.
Linklaters’ team was led by Dr Herbert Harrer (Capital Markets, Frankfurt). The team also included Dr Marco Carbonare (Capital Markets, Frankfurt), Dr Michael Ehret (Tax, Frankfurt), Monir Taik, David Santoro, Alexander Fritzsche, Derek Russel-Kraft (all Capital Markets, Frankfurt), Olesia Zakon (Tax, New York) and Marc Christ (Tax, Frankfurt).