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Helvetia issues hybrid bond and successfully completes financing of Caser acquisition

Helvetia has successfully placed a subordinated hybrid bond for EUR 600 million on the euro capital market. The hybrid bond is mainly intended to finance the acquisition of the Spanish insurer Caser.
24.06.2020 | Media release
Helvetia Europe, a Luxembourg subsidiary of Helvetia Swiss Insurance Company Ltd in St.Gallen, has issued a subordinated hybrid bond amounting to EUR 600 million with a first optional call date 2031. The bond has a fixed coupon until its first optional call date of 2.75%.
The hybrid bond serves to complete the financing of the majority holding in the Spanish insurance company Caser (Caja de Seguros Reunidos, Compañía de Seguros y Reaseguros S.A.) after Helvetia already successfully issued new shares as part of a capital increase on 19 June 2020.
"Despite a challenging market environment, Helvetia has made use of the current positive market dynamics to implement its announced financing strategy for the acquisition of Caser", explains Paul Norton, Chief Financial Officer of the Helvetia Group. The proceeds from the hybrid bond will largely be used to finance the acquisition of Caser and for general corporate purposes.
Helvetia expects to be able to complete the acquisition of Caser by the end of June. The acquisition will further strengthen the European business as a second pillar, significantly expand the attractive non-life business and increase the company's sales reach in Spain.
Deutsche Bank, UBS, Credit Suisse, Natixis and Morgan Stanley have acted as joint lead managers for the transaction.

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Susanne Tengler
Head of Investor Relations
Phone: +41 58 280 57 79
Jonas Grossniklaus
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Phone: +41 58 280 50 33