Allen & Overy advises DZ Bank AG on a term loan and multi-currency revolving credit facility for Danske Landbrugs Grovvareselskab a.m.b.a in the amount of EUR 625 m
11 September 2017
Allen & Overy LLP has advised DZ Bank AG as one of the Mandated Lead Arrangers and Coordinating Bookrunners in connection with a term loan and a multi-currency revolving credit facility for Danish cooperative society Danske Landbrugs Grovvareselskab a.m.b.a (DLG) in an aggregate amount of 625 million Euro. The transaction was oversubscribed at closing.
The financing was split into two tranches: a term loan in the amount of 300 million Euro and a multi-currency revolving credit facility in an amount of 325 million Euro, both with a term up to September 2020. By this financing, DLG plans to refinance its existing debt as well as general corporate purposes.
Next to DZ Bank, Danske Bank A/S acted as further Coordinating Bookrunner and Mandated Lead Arranger and also as Facility Agent. Nordea, Nykredit and Sydbank joined as additional Bookrunners and Mandated Lead Arrangers during the early-bird phase. The syndicate comprised eight further banks.
The DLG Group headquartered in the Axelborg building in Copenhagen is one of Europe's largest farm supply companies and is owned by Danish farmers. The group’s main business areas are farm supplies, vitamins and minerals, service and energy. Operating solely on the Danish market 15 years ago, today DLG is an international conglomerate with activities in 18 countries. In 2016 the group generated a turnover of 49.0 billion DKK with approximately 6,500 employees of which 2,500 are employed in Denmark and 3,500 in Germany.
The Allen & Overy team consisted of partner John Coburn, counsel Dr Mark Hallett and associate Leanne Sheen (all Banking, Frankfurt).