GoldenTree in Equity Capital Raising by BAWAG P.S.K.

March 14, 2014

Cleary Gottlieb represented GoldenTree Asset Management in connection with a €125 million equity capital raising by the indirect holding company of BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG, one of Austria’s leading retail banks.

The capital raising took the form of a common equity rights offering to existing shareholders. GoldenTree and fellow principal shareholder Cerberus Capital Management subscribed for new shares in the offering along with certain minority investors.

The capital raising closed on March 11, 2014. On March 14, 2014, BAWAG P.S.K. used the contributed proceeds and other available funds to redeem from the Republic of Austria all remaining participation capital issued by BAWAG P.S.K. to the Republic in 2009 in the wake of the financial crisis.