Commerzbank in €2.5 Billion Capital Increase

May 31, 2013

Cleary Gottlieb recently advised Commerzbank in its €2.5 billion rights offering. Shares were offered to the public in Germany and to institutional investors outside of Germany. The transaction closed on May 31.

Commerzbank used the proceeds from this transaction for the repayment in full of the remaining €1.6 billion outstanding under the silent participation that the German Financial Market Stabilization Fund (SoFFin), a German government agency, had provided during the financial crisis, as well as for the repayment of a further silent participation of Allianz totaling €750 million.

In 2011, Cleary Gottlieb advised Commerzbank in €11 billion of capital measures including a rights offering and an issue of mandatory exchangeable notes, with proceeds also used to repay the German government.