Clifford Chance has advised HOCHTIEF Aktiengesellschaft in relation to a EUR 2,000,000,000 term, revolving letter of guarantee and revolving credit facilities agreement which will be used for general corporate purposes, including letters of guarantee in connection with the construction activity of the group. The new facilities agreement has a term of five years (plus two extension options of one year each). Notwithstanding volatile market conditions, the facilities were oversubscribed and will be provided by an international consortium of 14 banks.

The Clifford Chance team advising HOCHTIEF Aktiengesellschaft comprised partner Bettina Steinhauer, counsel Christoph Nensa (both Frankfurt) and transaction lawyer Nina Aline de Touchet (Munich, all Finance) and was supported by partner Olaf Mertgen and senior associate Steffen Waadt (both Frankfurt, both Tax).