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Allen & Overy has advised the financing banks in relation to the EUR 1.7bn refinancing of Autobahn Tank & Rast

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Wiederholt Norbert
Dr Norbert Wiederholt

Partner

Frankfurt am Main

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Henkelmann Stefan
Dr Stefan Henkelmann

Partner

Frankfurt am Main

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20 December 2017

Allen & Overy has advised the lenders and lead managers in relation to the EUR 1.7bn refinancing of the Autobahn Tank & Rast group, including bank debt and public and private bond issuances. In the course of the refinancing EUR 600m of bonds were listed on the Irish Stock Exchange.

The first tranche of EUR 300m has a coupon rate of 1.625% until the cash sweep in 2024, then steps up to 4.625%. It was sold at 99.711% of the nominal value. The second EUR 300m tranche has the same structure and a coupon rate of 2.375% stepping up to 5.375% after 2027. It was sold at 99.675% of the nominal value. This refinances part of the EUR 913m senior secured loan agreed in October, which matures in 2022.

The bank tranches also include a EUR 50m liquidity facility and EUR 250m of revolving credit.

The private placement tranche consists of a EUR 225m 2032 note and a EUR 282m 2036 note, according to Fitch ratings. The senior secured amortising bonds have coupon rates of 2.29% and 2.76% respectively.

The Allen & Overy team comprised partners Tim Conduit and Parya Badie (both International Capital Markets), counsel Anthony Colegrave (International Capital Markets), senior associate Edward Moser and associates James Greenwood, Chris O‘Hara (both Banking), Jonathan Senior, Danielle Carragher and Tiiu Lemsalu (all International Capital Markets, all London).

Partners Dr Norbert Wiederholt (Banking) and Dr Stefan Henkelmann, counsel Jens Nollmann (both International Capital Markets), senior associates Dr Jan-Hendrik Bode and Lorenz Riehl (all Banking, Frankfurt), partners Dr Heike Weber and Dr Asmus Mihm, senior associate Peter Seidel and associate Thomas Dieker (all Tax), partner Dr Franz Bernhard Herding and associate Dr Christopher Kranz (both Banking, all Frankfurt) advised on all German law-related aspects of the refinancing.