Homburger advises Credit Suisse Group AG in connection with the share capital increases of CHF 4 bn to further strengthen the Group’s capital base and support its new strategic direction

On October 27, 2022, Credit Suisse Group AG announced that its Board of Directors will propose to an Extraordinary General Meeting to be held on November 23, 2022, to approve two separate share capital increases: a first capital increase of an expected CHF 1.76 bn through the issuing of new shares to a number of qualified investors, including Saudi National Bank, where preemptive subscription rights of existing shareholders are excluded, and a second capital increase of approximately CHF 2.24 bn through a rights offering to existing shareholders. The shares to be issued in the rights offering are underwritten, subject to customary conditions, by a syndicate of banks in the amount of up to CHF 4 bn should the first capital increase not be fully implemented, e.g. if the shareholders of Credit Suisse Group AG approve the rights offering but not the first capital increase with exclusion of preemptive rights. Through the proposed share capital increases, Credit Suisse Group AG intends to raise CHF 4.0 bn to further strengthen the Group’s capital base and support its strategic transformation.

Homburger advises Credit Suisse Group AG in the structuring of the capital increase, on the transaction documentation, and on all Swiss law regulatory, tax and transactional aspects of the issuance, offering and listing of the new shares.

The Homburger team was led by partner Benjamin Leisinger (Capital Markets) and included partners Claude Lambert, Daniel Daeniker and Andreas Müller (all Corporate / M&A), partner Dieter Grünblatt (Tax), lead associate Daniel Hulmann, counsel Lee Saladino and associate Sofiya Shavlak (all Capital Markets), associates Margrit Marti, Claudine Schär, Romain Fakhoury (all Corporate / M&A) and Marc Bircher (Employment and Executive Compensation) as well as junior associate Lars Schöni (Capital Markets).