Homburger with Idorsia on public repurchase offer
Homburger advised Idorsia on the public repurchase offer to exchange a series of unsecured convertible bonds with a principal amount of CHF 800 m in aggregate against newly issued “Pay-If-You-Can” notes.
The context
The senior unsecured convertible bonds object of the exchange separates between a CHF 200 m tranche due 2025 and a CHF 600 m tranche due 2028. The bonds in question will be exchanged for an offer consideration consisting of a series of newly issued “Pay-If-You-Can” notes with waterfall rankings issued by a Luxembourg special purpose subsidiary, which will be listed on the International Stock Exchange. Moreover, shares and warrants of Idorsia are also part of the exchange.
The Exchange Offer falls within the holistic restructuring and refinancing of the Idorsia group announced by the company on February 2025.
The Homburger team
Frank Gerhard (corporate / M&A, capital markets, pictured) led the Homburger team on the matter, working alongside Marco Rostetter (corporate / M&A, restructuring / insolvency), Micha Fankhauser, Estelle Piccard and Anina Preusker (all corporate / M&A) as well as Eduard De Zordi and Daniel Hulmann (both capital markets).
