Clifford Chance advises GD Towers on its €1 billion debut public bond

Global law firm Clifford Chance has advised GD Towers on its debut public bond issuance of €1 billion. The bonds were issued by DFMG Holding GmbH in two tranches of €500 million each, with maturities of 4.6 and 7 years and coupons of 4.875% and 5.250%, under the common terms financing platform established in December 2025.

GD Towers is the first tower company in continental Europe to issue a public bond under a common terms financing platform. The bonds rank alongside the bank facilities and private placement notes under the platform and were listed on the Euro MTF market of the Luxembourg Stock Exchange. The proceeds are used to partially refinance GD Towers’ existing term loan facility under the platform. The transaction was launched and priced on 8 October 2026 and settled on 15 October 2026.

GD Towers is a full-service provider of passive infrastructure and acquires, plans, realizes, operates and markets radio sites throughout its wholly-owned subsidiaries “Deutsche Funkturm” in Germany and “TOWERS Infra Austria” in Austria. Its portfolio includes towers, masts, rooftop sites and small cells. Since 2023, it has been jointly owned by Deutsche Telekom, DigitalBridge and Brookfield Asset Management.

Clifford Chance had already advised GD Towers on the establishment of the common terms financing platform in November 2025 and on its €2.5 billion private placement in December 2025. For the debut bond, the team combined its German and English law capital markets expertise with its knowledge of the platform documentation. Clifford Chance also advised GD Towers on the establishment of its capital markets compliance framework (MAR) ahead of the listing.

The Clifford Chance team was led by partner Axel Wittmann (Capital Markets) and included partners Simon Reitz (Debt Finance) and George Hacket (Capital Markets), partner (Germany) Christoph Nensa (Debt Finance) and partner Cristina Freudenberger, counsel Henrik Gildehaus and Andrei Manea (all Capital Markets), senior associate Nico Köhler (Debt Finance), associate Lara Esser and transaction lawyers Felicitas Fischer and Lilli Neubauer (all Capital Markets, all Frankfurt). From Clifford Chance’s London office, partner Matteo Sbraga, senior associate John Thomson and associate Bailey James (all Capital Markets) supported the team.

Advice was also provided on tax matters by partner Olaf Mertgen and counsel Steffen Waadt and on employment and pensions matters by partner Ines Keitel and special counsel Nicole Engesser Means (all Frankfurt).

The GD Towers inhouse team leading the transaction included Head of Treasury Volker Hoffarth, General Counsel Felix Müller, Senior Legal Counsel Pamela Victoria Schaarschmidt, Head of Accounting Methods and Consolidation Nicole Morgenstern and Senior Expert Treasury Marc Blümel.

Press contact: Lisa Trager