Global law firm Clifford Chance has advised Bank of America on a new credit line with a volume of €5 billion for Bayer AG. This replaces an undrawn revolving facility worth €4.5 billion dating back to December 2018.
The credit line was provided by a syndicate of 23 international banks. Bank of America, Crédit Agricole Corporate and Investment Bank and Mizuho acted as coordinators. Bank of America was also appointed as documentation agent.
The new line has a tenor of five years with two one-year extension options.
Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition.
The Clifford Chance team advising Bank of America was led by partner Dr. Bettina Steinhauer and counsel Christoph Nensa. The team further comprised associate Sokorei Omar, transaction lawyer Elmostafa Habib (all Global Financial Markets, Frankfurt), as well as partner Olaf Mertgen and senior associate Steffen Waadt (both Tax, Frankfurt). Partner Daniel Winick (Global Financial Markets, New York) advised on the US aspects of the refinancing.
