Dentons advises Otto Group on placement of €325 million promissory note loan

Frankfurt—Global law firm Dentons has advised the Otto Group on its successful placement of a €325 million promissory note (Schuldschein). The placement was arranged by BNP PARIBAS, DZ BANK AG, ING and LBBW.

This is the third broadly placed promissory note loan of the Otto Group since its debut issue on the promissory note market in 2022. It provides for various maturities, with a focus on five-year tranches.

Thanks to strong investor interest, the originally targeted issuance volume was more than tripled. In total, more than 30 domestic and international investors—primarily domestic and international commercial banks, cooperative banks and savings banks—subscribed to the offered tranches.

The Otto Group is an internationally active digital retail and services group primarily active in Germany, the rest of Europe, and the US. In the fiscal year 2025/2026, the group, with roughly 35,000 employees, generated total revenue of €13.8 billion.

Dentons Partner Oliver Dreher and his team regularly advise leading corporations, banks and investors on international capital markets transactions. The team previously advised the Otto Group on its successful previous Schuldschein transactions in 2022 and 2025.