Homburger advises UBS on $7.9bn debt buyback
UBS Group completed all-cash tender offers to repurchase nine series of outstanding debt securities, with Homburger advising on all regulatory and transactional aspects of Swiss law involved in the transaction.
Deal details
On September 14 and 15, 2026, UBS Group AG completed its all-cash tender offers concerning nine series of bail-inable (TLAC) bonds originally issued by Credit Suisse Group AG. Three of the offers were structured as “any and all offers,” while the remaining six were structured as “maximum purchase offers.” During the process, UBS Group AG upsized the maximum purchase consideration of the maximum purchase offers from an initial USD 2 billion to USD 5.85 billion, ultimately accepting all validly tendered TLAC bonds across the nine series for an aggregate principal amount of USD 7.93 billion.
The TLAC bonds repurchased were eligible to count towards UBS Group AG’s Swiss gone-concern requirement, were governed by Swiss law, and were admitted to trading and listed on the SIX Swiss Exchange.
Advisory team
The Homburger team was led by Benedikt Maurenbrecher and Stefan Kramer, and included Olivier Baum and Lee Saladino, all working within the firm’s capital markets practice, together with Stefan Oesterhelt from the tax practice.
