Hogan Lovells act for EIB on refinancing of Benteler Group
Hogan Lovells has advised the European Investment Bank (EIB) on the refinancing measures for automotive supplier Benteler.
The measures included the refinancing of the existing 1.8 billion Euros debt burden and a further loan commitment of 225 million Euros. Approximately 30 creditor banks are involved in the refinancing and EIB is the Benteler Group's largest single creditor.
According to a Press Release by Benteler Group, CEO, Ralf Göttel, said: "Following the comprehensive transformation process initiated at the end of 2018, we further intensified and accelerated the restructuring in 2020. Measures taken at an early stage also helped us in the Covid-19 pandemic. We have proven ourselves to be a strong, system-relevant partner to the automotive industry. With the successful signing of the refinancing agreement with our financing partners, we achieved an important success at the end of the year and sent a clear signal that our restructuring program is taking effect. The company's financing is secured until the end of 2024."
Hogan Lovells advised EIB on all matters related to the restructuring of the group liabilities and the negotiations to amend the EIB loan documentation with all parties involved.
The Hogan Lovells team was led by Munich partner Christian Herweg and Hamburg partner Carla Luh.
The team of Hogan Lovells comprised of Dr. Christian Herweg (Partner), Dr. Maximilian Baier (Counsel) (both Finance/ Business Restructuring & Insolvency); Dr. Carla Luh (Partner), Christian Hermanussen (Senior Associate) (both Finance).