Baker McKenzie advised Cicor ("Cicor" or "Company") on the exercise of its option to reopen its issuance of mandatory convertible bonds due 2027 in an amount corresponding to CHF 40,188,000 and to sell those bonds to One Equity Partners ("OEP").
The mandatory convertible bonds of Cicor (the ticker symbol of the registered shares listed on the SIX Swiss Exchange is "CICN"), convertible into shares of the Company at the conversion price of CHF 47.50, were initially issued with an issuance volume of CHF 20 million. Pre-subscription rights for the total volume of CHF 60.188 million were granted to shareholders. Cicor reserved the option to reopen the issuance of the mandatory convertible bonds up to a total issue amount of CHF 60.188 million within 12 months after the completion of the initial issuance and offering, depending on the financing needs of the Company. OEP has, at the request of the Company, committed to purchasing further bonds up to the total issue amount for this period.
On 27 September 2022, Cicor exercised its option to reopen the issuance of its mandatory convertible bonds in an amount corresponding to CHF 40,188,000 and its option to sell those newly issued bonds to OEP. The net proceeds of exercising the reopening option increase Cicor's financial flexibility and strengthen its balance sheet in relation to future acquisitions.
The Company completed the reopening of its mandatory convertible bond issuance on 30 September 2022. The additional mandatory convertible bonds were admitted to provisional trading on the SIX Swiss Exchange on the same day.
The Cicor Group is an international electronics service provider with a wide range of products and services in the fields of printed circuit board assembly, system assembly and box building, switchgear cabinet construction, cable assembly, tool design and fabrication and plastic injection molding. Cicor offers outsourcing solutions for the development and manufacture of electronic assemblies and complete devices and systems.
Baker McKenzie advised Cicor Group on all legal and tax aspects of the issuance.
The Baker McKenzie Switzerland team consisted of Matthias Courvoisier (partner, capital markets), Jan Lusti (associate, capital markets) and Andrea Bolliger (of counsel, tax).