EQS-News: AT&S announces the successful placement of a €400 million deeply subordinated perpetual convertible bond with an early redemption option for the Company
EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s):
Financing
AT&S announces the successful placement of a €400 million deeply
subordinated perpetual convertible bond with an early redemption option
for the Company
16.06.2026 / 16:04 CET/CEST
The issuer is solely responsible for the content of this announcement.
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NOT FOR DISTRIBUTION IN OR INTO THE U.S., AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE
PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS FOR INFORMATION
PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
AT&S announces the successful placement of a €400 million deeply
subordinated perpetual convertible bond with an early redemption option
for the Company (Hybrid Convertible Bond)
Leoben, Austria, 16 June 2026 – AT&S Austria Technologie & Systemtechnik
Aktiengesellschaft (“AT&S” or the “Company”) announces certain terms of
the new deeply subordinated perpetual convertible bond with an early
redemption option for the Company (Hybrid Convertible Bond, the “Bond”).
The Bond will be convertible into new and/or existing ordinary no-par
value bearer shares of the Company (the “Shares”) for a limited time.
The Bond will be issued at par with a total nominal amount of €400 million
at a denomination of €100,000. The Bond will pay interest of 2.500% per
annum up to the First Reset Date. From the First Reset Date, the Bond will
bear interest at a rate equal to the sum of (i) the applicable 5-year
Mid-Swap Rate in Euro, and (ii) the margin of 1,000bps. The Company will
have no obligation to pay interest if it elects to defer the relevant
payment of interest in whole or in part.
The initial conversion price will be set at a 30% premium above the
reference share price, which will be equal to the volume weighted average
price of the Shares on the Vienna Stock Exchange today and will be
announced in a separate press release later today.
The Company may redeem all, but not some only, of the Bond outstanding (i)
on the First Reset Date or any subsequent Interest Payment Date, (ii) at
any time on or after 27 August 2029 if the price of the Shares underlying
the Bond is equal to or exceeds 150 per cent of the conversion price in
effect over a certain period, (iii) for reasons of a Gross up Event, a Tax
Event, or an Accounting Event, or (iv) if less than 25 per cent. of the
aggregate principal amount of the Bond originally issued remains
outstanding.
“We are very pleased with the success of this transaction, which received
strong investor demand and reflects the market’s confidence in AT&S’
strategic direction. This inaugural deeply subordinated perpetual
convertible bond optimizes the capital structure at attractive costs and
diversifies our funding mix to provide enhanced flexibility and resilience
for our future growth strategy. Furthermore, the refinancing of existing
indebtedness would result in material coupon savings compared to AT&S’
outstanding capital market financing instruments.”, said Gerrit Steen, CFO
of AT&S.
AT&S intends to use the net proceeds from the issuance of the Bond for
general corporate purposes, including the refinancing of existing
indebtedness and to strengthen its capital base.
The settlement of the Bond is expected to take place on or around 23 June
2026. Application will be made for the Bond to be admitted to trading on
the Vienna MTF of the Vienna Stock Exchange.
As part of the Offering, the Company has agreed to a lock-up period ending
90 calendar days after the Issue Date, subject to customary exemptions and
waiver by the Joint Global Coordinators.
J.P. Morgan, Deutsche Bank and Citigroup acted as Joint Global
Coordinators and Joint Bookrunners on the issue of the Offering. Erste
Group and Raiffeisen Bank International acted as Co-Lead Managers.
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft – Advanced
Technologies & Solutions
AT&S is a leading global manufacturer of high-end IC substrates and
printed circuit boards. AT&S develops and produces leading-edge
interconnect technologies for key digital industries: mobile devices,
automotive & aerospace, industrial, medical and high-performance computing
for AI applications. With production sites in Austria (Leoben, Fehring),
China (Shanghai, Chongqing), Malaysia (Kulim), India (Nanjangud) and a
European competence center for R&D and IC substrate production in Leoben,
AT&S is actively shaping the digital transformation – through
forward-looking investments in research and development and the
responsible use of resources. The company currently employs around 14,000
people. Further information can also be found at [1] www.ats.net
Media download:
On the AT&S media portal [2] https://ats.canto.de/v/press you will find
continuously updated picture material on AT&S.
Media contact:
Gerald Reischl, Vice President Corporate Communications
Phone: +43 3842 200 4252; Mobile: +43 664 8859 2452; [3]g.reischl@ats.net
Contact Investor Relations:
Philipp Gebhardt, Vice President Investor Relations
Phone: +43 3842 200 2274; Mobile: +43 664 7800 2274;
[4]p.gebhardt@ats.net
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
8700 Leoben / Austria
[5] www.ats.net
Disclaimers
This announcement and the information contained herein is restricted and
may not be published, distributed or released, directly or indirectly, in
the United States of America (including its territories and possessions),
Australia, Canada, Japan, South Africa or any other jurisdiction where
such publication, distribution or release would be unlawful. The
publication, distribution or release of this announcement may be
restricted by law in certain jurisdictions and persons who are in
possession of this document or other information referred to herein should
inform themselves about and observe any such restrictions. Further, this
announcement is for information purposes only and is not an offer of, or a
solicitation of an offer to purchase, sell or subscribe for, securities in
any jurisdiction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction.
The Bond offered or offered to be purchased, sold or subscribed for and
the Shares to be delivered on conversion of the Bond will not be and have
not been registered under the U.S. Securities Act of 1933, as amended (the
„Securities Act“) or with any securities regulatory authority of any state
or other jurisdiction of the United States and may not be offered, sold,
pledged, taken up, exercised, resold, renounced, transferred or delivered,
directly or indirectly, in or into the United States, except pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and in compliance with any applicable
securities laws of any state or other jurisdiction of the United States.
The securities referred to herein have not been approved, disapproved or
recommended by the U.S. Securities and Exchange Commission, any state
securities commission in the United States or any other U.S. regulatory
authority, nor have any of the foregoing authorities passed upon or
endorsed the merits of the offering of the securities referred to herein.
No public offering of, or solicitation of an offer to purchase, sell or
subscribe for, securities of the Company is being made in the United
States or any such other jurisdiction.
This document and the offer when made, in member states of the European
Economic Area („EEA“) (each a „Member State“) and the United Kingdom
(„UK“), are only addressed to and directed at persons who are „qualified
investors“ as defined in Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 on the prospectus to be
published when securities are offered to the public or admitted to trading
on a regulated market (the „Prospectus Regulation“ or the Public Offers
and Admissions to Trading Regulations 2024 („POATRs“) („Qualified
Investors“). Each person in a Member State or in the UK who initially
acquires any Bond or to whom any offer of Bond may be made and, to the
extent applicable, any funds on behalf of which such person is acquiring
the Bond that are located in a Member State or in the UK will be deemed to
have represented, acknowledged and agreed that it is a Qualified Investor.
In addition, in the UK, this document is only being distributed to and is
only directed at (i) persons who have professional experience in matters
relating to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) order 2005, as amended
(the „Order“), (ii) high net worth entities falling within Article 49(2)
of the Order and (iii) persons at or to whom it can otherwise lawfully be
distributed or directed (all such persons together being referred to as
„relevant persons“). The Securities are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire
such Securities will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this notification
or any of its contents.
Solely for the purposes of the manufacturer’s product approval process,
contained within: (a) EU Directive 2014/65/EU on markets in financial
instruments, as amended („MiFID II“); (b) Articles 9 and 10 of commission
delegated directive (EU) 2017/593 supplementing MiFID II; and (c) local
implementing measures (together, the „MiFID II Product Governance
Requirements“), and disclaiming all and any liability, whether arising in
tort, contract or otherwise, which any „manufacturer“ (for the purposes of
the MiFID II Product Governance Requirements) may otherwise have with
respect thereto, the target market assessment in respect of the Bond has
led to the conclusion that: (i) the target market for the Bond is eligible
counterparties and professional clients only, each as defined in MiFID II;
and (ii) all channels for distribution of the Bond to eligible
counterparties and professional clients are appropriate. Any person
subsequently offering, selling or recommending the Bond (a „distributor“)
should take into consideration the manufacturer’s target market
assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Bond (by
either adopting or refining the manufacturer’s target market assessment)
and determining appropriate distribution channels.
The target market assessment is without prejudice to the requirements of
any contractual or legal selling restrictions in relation to any offering
of the securities. For the avoidance of doubt, the target market
assessment does not constitute: (a) an assessment of suitability or
appropriateness for the purposes of MiFID II; or (b) a recommendation to
any investor or group of investors to invest in, or purchase, or take any
action whatsoever with respect to the Bond.
The Bond is not intended to be offered, sold or otherwise made available
to and should not be offered, sold or otherwise made available to any
retail investor in the EEA. For these purposes, a retail investor means a
person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of
Directive (EU) 2016/97 (as amended, the „Insurance Distribution
Directive“), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II. Consequently,
no key information document required by Regulation (EU) 1286/2014 (as
amended or superseded, the „PRIIPs Regulation“) for offering or selling
the Bond or otherwise making them available to retail investors in the EEA
has been prepared and therefore offering or selling the Bond or otherwise
making them available to any retail investor in the EEA may be unlawful
under the PRIIPs Regulation.
The Bond is not intended to be offered, sold, distributed or otherwise
made available to and should not be offered, sold, distributed or
otherwise made available to any retail investor in the UK. For these
purposes, a retail investor means a person who is not a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No
600/2014 as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 (the „EUWA“). Consequently, no disclosure document
required by the FCA Product Disclosure Sourcebook („DISC“) for offering,
selling or distributing the Bond or otherwise making them available to
retail investors in the UK has been prepared and therefore offering,
selling or distributing the Bond or otherwise making them available to any
retail investor in the UK may be unlawful under DISC and the Consumer
Composite Investments (Designated Activities) Regulations 2024.
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16.06.2026 CET/CEST This Corporate News was distributed by [6]EQS Group
View original content: [7]EQS News
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Language: English
Company: AT&S Austria Technologie & Systemtechnik AG
Fabriksgasse 13
8700 Leoben
Austria
Phone: +43 (1) 3842200-0
E-mail: ir@ats.net
Internet: www.ats.net
ISIN: AT0000969985, AT0000A09S02
WKN: 922230
Indices: ATX
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt,
Hamburg, Hanover, Munich, Stuttgart, Tradegate BSX; Vienna
Stock Exchange (Official Market)
EQS News ID: 2347264
End of News EQS News Service
2347264 16.06.2026 CET/CEST
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References
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3. g.reischl@ats.net
4. p.gebhardt@ats.net
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