White & Case Advises Banking Consortium on Refinancing of Heidelberger Druckmaschinen AG | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Banking Consortium on Refinancing of Heidelberger Druckmaschinen AG

White & Case Advises Banking Consortium on Refinancing of Heidelberger Druckmaschinen AG

Global law firm White & Case LLP advised a consortium of banks, with Deutsche Bank Luxembourg S. A. as facility agent, in connection with the provision of a EUR 500 million revolving credit facility to Heidelberger Druckmaschinen AG, a worldwide enterprise based in Heidelberg, Germany, and one of the leading manufacturers of sheetfed offset printing machines. BNP Paribas, Citi, Commerzbank Aktiengesellschaft, Deutsche Bank AG and the State Bank of Baden-Wurttemberg acted as mandated lead arrangers and book runners. The revolving credit facility, which will mature at the end of 2014, was secured by a comprehensive security package involving various jurisdictions.

The revolving credit facility is part of an overall EUR 804 million refinancing package that also included the issuance of a EUR 304 million high-yield bond, which White & Case also advised on as local counsel for certain jurisdictions. Heidelberger Druckmaschinen is seeking to repay existing credit facilities with an original term until July 2012, which were partly secured by government guarantees.

"The refinancing helps Heidelberger Druckmaschinen AG to achieve its objective of being able to finance itself in the long term without government aid. We already represented the financing banks of the group in the past, enabling a successful completion of the transaction based on a smooth cooperation across various jurisdictions", says White & Case partner Leїla Röder.

The White & Case team consisted of partner Leїla Röder (lead) and associates Ivonne Herzog, Malka Resnicoff and Vera Christina Griesam (Bank Finance, Munich). They were supported by counsels Sibylle Münch (Bank Finance) and Alexander Born (Tax, Frankfurt), in addition to White & Case lawyers in Hong Kong, London, New York, Paris and Tokyo.

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