New offer to re-purchase Hypo debt instruments: CMS advises on Austria's largest capital markets transaction

07/09/2016

The Carinthian Compensation Fund (Kärntner Ausgleichszahlungs-Fonds - KAF) has made the holders of HETA instruments a new and improved offer. CMS in Vienna advised the two participating international investment banks on Austrian law in this milestone transaction for Austria.

The Carinthian Compensation Fund made the tender offer to holders of debt instruments from the former Hypo Alpe Adria (now HETA Asset Resolution AG) on the 2nd of September. The offer was published on the 5th of September (http://kaerntner-ausgleichszahlungsfonds.gv.at/) and was submitted by the Carinthian Compensation Fund. Its deadline is the 7th of October 2016. Holders of instruments have until this date to come to a decision on whether they will accept or reject the offer.

CMS in Vienna provided legal advice in this capital markets transaction, which was the largest ever in Austria. CMS Reich-Rohrwig Hainz advised the international investment banks involved on the various aspects of the transaction relating to Austrian law. An inter-disciplinary CMS team, consisting of proven experts from the areas of capital markets, contracts, tax and public law provided support during this transaction. Martin Zuffer, expert for capital markets law and partner at CMS Vienna, explained that the transaction was "extremely complex, as it had a volume of more than EUR 11 billion in nominal value and involved more than 200 debt instruments." Martin Zuffer further added, "We were once again able to prove our wide-ranging expertise in the capital markets field, in particular in the context of government and governmental related institutions."

The CMS core team was headed up by Martin Zuffer (partner/ capital markets) and consisted of Daniela Karollus-Bruner (partner/contracts), Phillip Mark (attorney-at-law/capital markets), Sibylle Novak (partner/tax) and Robert Keisler (partner/public law).

An up-to-date photo of Martin Zuffer can be downloaded for free by following this link: http://sites.cms-rrh.com/downloads/zuffer_martin.jpg.

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Martin Zuffer
Partner