Baker McKenzie advises DocMorris on CHF 96.8 million convertible bond issue
Baker McKenzie advised DocMorris on the placement and issuance by DocMorris Finance B.V. of CHF 96.8 million senior unsecured convertible bonds due 2031, guaranteed by DocMorris and convertible into shares of the company, alongside the concurrent repurchase of the CHF 49.6 million outstanding convertible bonds due 2028. The incremental gross proceeds from the new issuance and the repurchase are intended for general corporate purposes.
Bond structure and terms
The new bonds will be issued at par in denominations of CHF 200,000 and mature on 16 March 2031, unless previously converted, redeemed, repurchased or cancelled beforehand. They carry an annual interest rate of 1.50% and an initial conversion premium of 32.5% above the reference price, setting the initial conversion price at CHF 13.83. The placement was limited to professional clients in Switzerland, with private offerings made outside the country under Regulation S of the U.S. Securities Act.
Advisory team
Baker McKenzie advised DocMorris on all legal matters relating to the placement. The team was led by capital markets partner Yves Mauchle in Zurich and included Andrea Bolliger, tax counsel in Zurich, associates Victoria Brammer and Laksanaporn (Namfon) Chaiyakham, also based in Zurich, together with partner Tim Alferink and associate Willem van Rees, both based in Amsterdam.
