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Allen & Overy advised Etex on its EUR 800m ESG-linked Schuldschein issue

Allen & Overy advised Etex on its EUR 800,000,000 ESG-linked Schuldschein issue, the largest ever by a non-German company.

The Schuldschein, a German debt instrument used as an alternative to credit facilities and bonds, includes several tranches with maturities of up to seven years with fixed and floating interest rates, was oversubscribed several times. Investors comprise approximately 30 Asian and European private and public banks and insurance companies.

The proceeds of the Schuldschein will be used to finance a portion of the acquisition of URSA, a leading European player in insulation solutions, which was completed a few days after the issuance of the Schuldschein. The ESG-link underlines Etex’ commitment to sustainability matters and sets financial incentives for Etex for sustainable business performance.

The successful closing of the transaction is a testament to Allen & Overy’s cross-border capabilities, evidencing the seamless integration between its offices across the network.

The cross-border A&O team was led by, Munich partner Dr. Walter Uebelhoer and Munich senior associate Dr. Rauni Ahammer and supported by Brussels partner Yves Van Pul with Brussels associates Dylan De Backer and Cedric Hauben, along with various colleagues from different jurisdictions within the Allen & Overy network. Brussels senior associate Sara Husain and associate Klaas Backaert advised on taxation matters.