Allen & Overy advises family shareholders on successful refinancing of BENTELER Group
29 January 2021
Allen & Overy has advised the family shareholders of BENTELER Group (BENTELER) in connection with the refinancing of existing financial indebtedness in the context of the Group's restructuring programme.
Debt financing in the amount of approx. EUR 1.8 billion will be made available under the comprehensive refinancing with new commitments amounting to EUR 225 million. With a term of four years, this will secure the company's financing until the end of 2024. The international syndicate of financing banks is led by Commerzbank, DZ Bank, Landesbank Baden-Württemberg, Norddeutsche Landesbank and Erste Group Bank.
In the course of its transformation, the globally operating family business has successfully aligned itself with its core business as a metal processing specialist focused on the automotive sector. Last year, BENTELER further accelerated the restructuring that has been taking place since 2018. The company, with around 30,000 employees at around 100 locations worldwide, improved cost efficiency and created a leaner organisation in its two divisions BENTELER Automotive and BENTELER Steel/Tube – supported by new possibilities offered by digitalisation, such as predictive maintenance and predictive quality. At the same time, BENTELER implemented targeted projects in the area of e-mobility and lightweight solutions and expanded this as a growth area.
The Allen & Overy team was led by partner Dr Walter Uebelhoer and comprised associates Dr Jörg Weber and Sebastian Hanke (all Banking and Finance, all Munich).