White & Case Advises Bank Syndicate on €1.5 Billion Refinancing for Evonik

Munich, July 15, 2010 ... Global law firm White & Case LLP advised a syndicate of banks in a refinancing for Evonik Industries AG. On June 8, 2010 Evonik Industries successfully completed the refinancing of its present credit facility, which dates back to 2006, with a €1.5 billion credit line thus ensuring that the company will have liquid funds over the years to come.

The transaction was arranged by a group of 17 banks. Deutsche Bank Luxembourg SA acted as facility agent for the syndicate comprising 25 international banks.

"The credit line represents a key element in the financing of the Evonik Group," commented Leïla Röder, local partner with White & Case LLP in Munich. "We have represented the banks financing the group in the past and were able to bring the financing to a successful conclusion due to the strong working relationship held with both sides."

An international industrial group, Evonik is active in the chemicals, energy and real estate sectors. In its fiscal year 2009, the group, which has about 39,000 employees, generated sales of approximately €13.1 billion, 60% of which was outside Germany.

The White & Case team was led by Munich-based local partner Leïla Röder (lead, Finance) and comprised associates Philipp Jentzmik, Sascha Schmidt (both Frankfurt, Finance) and Ivonne Herzog (Munich, Finance).

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