Latham & Watkins has advised the steering committee of lenders of Benteler International AG (Benteler) in the course of its successful €2 billion debt refinancing. The complex restructuring started in 2020 and includes the stabilization of the financing structure, which involved a comprehensive solution for the 115 primarily bilateral lenders and promissory noteholder. The comprehensive solution had ties to 19 jurisdictions in total.
The refinancing solution consists of a high yield bond valued at €975 million and an €800 million credit facility, including a €250 million revolving credit facility and full repayment of all outstanding credit facilities.
The Latham team was led by Hamburg partner Jörn Kowalewski and counsel Hendrik Hauke, with Hamburg associate Philipp Schmalenbach and Frankfurt associate Martina Eisgruber.
