On 16 January 2025, Grenke AG announced that it has accepted tenders for repurchase against cash of three outstanding Additional Tier 1 bonds. Grenke AG also issued new Additional Tier 1 instruments with a principal amount of 200 million euros. The securities bear a fixed coupon of 8.750%, payable annually until 31 March 2031. The applicable rate of interest will be reset at five-year intervals starting on 31 March 2031 on the basis of the then applicable 5-year Euro swap rate plus the initial credit spread of 6.343% per annum.
Hengeler Mueller acts as legal advisor to Grenke AG.
Hengeler Mueller team for Grenke
Capital Markets: Dirk Bliesener (lead, partner), Martin Peters, Julia Weidner (both counsel) and Karsten Staupe (associate, all Frankfurt).
