BayernLB in Tender Offer for $850 Million of Hybrid Tier 1 Capital Securities

November 7, 2012

Cleary Gottlieb represented Bayerische Landesbank (BayernLB) in the repurchase of hybrid Tier 1 capital securities in an aggregate amount of $850 million.

The transaction, which was intended to improve BayernLB’s capital structure, consisted of a tender offer to purchase for cash any and all of the $850,000,000 5.2032% noncumulative trust preferred securities issued by BayernLB Capital Trust I. The offer period ended on November 7, 2012.