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On September 13, 2023, UBS AG, acting through its London branch, launched offers to exchange (i) any and all of its outstanding USD 1 bn 1.250 per cent. Notes due June 2026 for a like principal amount of new 1.250% Notes due June 1, 2026 and (ii) any and all of its outstanding USD 1 bn 4.500 per cent. Notes due June 26, 2048 for a like principal amount of 4.500% Notes due June 26, 2048. On October 16, 2023, UBS AG, acting through its London branch, successfully completed such exchange offers, with USD 970,775,000 1.250 per cent. Notes due June 2026 being exchanged for USD 970,775,000 1.250% Notes due June 1, 2026, and (ii) USD 999,328,000 4.500 per cent. Notes due June 26, 2048 being exchanged for USD 999,328,000 4.500% Notes due June 26, 2048.
UBS AG conducted these exchange offers to give holders of the existing notes, which had not been registered with the SEC, the option to obtain SEC-registered securities issued by UBS AG, which also rank pari passu with all other unsecured and unsubordinated obligations of UBS AG, present and future, except such obligations as are preferred by operation of law.
Homburger advised UBS AG with respect to all transactional aspects of Swiss law. The Homburger team was led by Benedikt Maurenbrecher and included Stefan Kramer, Lee Saladino and Daniel Hulmann (all Capital Markets), as well as Stefan Oesterhelt (Tax).