Case Studies

€ 200 million syndicated loan for H&R GmbH & Co. KGaA

Since 1919, the name Hansen & Rosenthal has been a byword for the highest quality in specialty chemicals as well as in the development and manufacture of crude oil-based chemical and pharmaceutical specialty products. The secret of its success has always been its strong customer focus and systematic approach to enhancing the brands and products.

Since 1919, the name Hansen & Rosenthal has been a byword for the highest quality in specialty chemicals as well as in the development and manufacture of crude oil-based chemical and pharmaceutical specialty products. The secret of its success has always been its strong customer focus and systematic approach to enhancing the brands and products.

Since 1919, the name Hansen & Rosenthal has been a byword for the highest quality in specialty chemicals as well as in the development and manufacture of crude oil-based chemical and pharmaceutical specialty products. The secret of its success has always been its strong customer focus and systematic approach to enhancing the brands and products.

Within the scope of this transaction, NORD/LB performed the function of the coordinating mandated lead arranger and bookrunner and also acted as the documentation agent.

Acquisition Albrecht & Dill

NORD/LB provides support to German Equity Partners IV (GEP IV), an equity fund managed by ECM Equity Capital Management GmbH (ECM), for the acquisition of Albrecht & Dill Cosmetics GmbH (A&D), the leading distributor of exclusive perfumes in Germany, Austria and Switzerland.

A&D markets a portfolio of attractive fragrance brands on the basis of long-term and exclusive distribution agreements, mainly through selected specialist fragrance retailers. The company has firmly established itself as the connecting link between independent brand manufacturers and the highly fragmented retail market. A&D thus enables access to a large number of ‘points of sale’ in the DACH region and supports brand manufacturers in product development, marketing and logistics in order to achieve the optimal positioning for the respective brands in all the relevant sales channels.

A&D markets a portfolio of attractive fragrance brands on the basis of long-term and exclusive distribution agreements, mainly through selected specialist fragrance retailers. The company has firmly established itself as the connecting link between independent brand manufacturers and the highly fragmented retail market. A&D thus enables access to a large number of ‘points of sale’ in the DACH region and supports brand manufacturers in product development, marketing and logistics in order to achieve the optimal positioning for the respective brands in all the relevant sales channels.

As NORD/LB was mandated to organise the overall financing at an early stage, it was possible to jointly conclude the time-critical acquisition process successfully.

NORD/LB is looking forward to the partnership-based collaboration for the further development of this interesting enterprise.

First €70 million promissory-note-driven housing-construction transaction complete

Wohnungsbaugesellschaft Magdeburg (WOBAU) is the largest landlord of residential and commercial space not only in the regional capital of Magdeburg, but also the whole of Saxony-Anhalt. As a municipal company, WOBAU’s remit is to provide socially adequate residential space for a large part of the population through construction and real-estate activity.

In 2016, the company turned over €100.4 million and generated an EBITDA of €38 million. The promissory note is to enable refinancing and investment finance for the design of the cathedral quarter in Magdeburg.
Because of its longstanding business relationship and after an intensive phase of corporate finance consultancy, NORD/LB secured the mandate as sole arranger for placement of the first WOBAU promissory note transaction. Given its municipal background (the sole shareholder in WOBAU is the city of Magdeburg), Stadtsparkasse Magdeburg was involved in this transaction as “premium partner”, although it is only acting as an investor. NORD/LB is participating with a contribution of €3 million incl. yield-enhancing refinancing (Lettre de Gage) via NORD/LB Luxembourg S.A. Covered Band Bank.

Syndicated loan of EUR 2,487,000,000 agreed for FBB

The federal states of Berlin and Brandenburg each own 37% of Flughafen Berlin Brandenburg GmbH (FBB) and the Federal Republic of Germany owns 26%.

The airport company has compiled and implemented a new financing concept for the capital required for the completion and medium-term expansion of the BER airport, which amounts to EUR 2.2 billion. It consists of a shareholder loan totaling EUR 1.107 billion, with a term of 20 years. The FBB is also borrowing an additional EUR 1.1 billion on the free capital market and, in connection with this, is also undertaking the early refinancing of the EUR 1.4 billion loan taken out in 2009, which was due to mature in 2019. As with the previous loan, the new loan will be 100% guaranteed by the shareholders (Berlin, Brandenburg and the Federal Republic of Germany).

A fixed rate loan to replace the syndicated loan and a variable tranche approach, which is flexible until 2020, were established as the best possible solution for the external finance concept. Both tranches have a term of 10 years. The syndicate, which consists of 7 international banks, acts under the syndicate leadership of NORD/LB.

First-time purchase of receivables in China

NORD/LB has successfully structured a purchase of receivables in China for a middle-market German corporate customer.

In December 2016 a framework agreement was entered into with the customer’s Chinese subsidiary that permits the subsidiary to engage in the revolving sale of receivables from trade receivables denominated in renminbi to a Chinese buyer. The purchase price is also disbursed in renminbi. This deal was enabled by a structure that is tailored to the specific features of Chinese law and invoicing practices and that sees the German-domiciled customer assume liability for its Chinese subsidiary. The debtor’s default risk is assumed by NORD/LB, meaning that the receivables sold are deducted from the customer’s group balance sheet. The monthly purchases are settled by NORD/LB’s Shanghai branch, which also guarantees local personal contact with the parties involved.

Bonded loan of EUR 350 million arranged for freenet AG

After freenet AG's successful placement of a bonded loan with a volume of EUR 560 million back in spring 2016, an arranger syndicate, including the Joint Lead Arranger NORD/LB, enabled the company to place another bonded loan of EUR 350 million.

The purpose of this bonded loan is to finance part of the syndicated loan agreed in March 2016. This transaction has allowed freenet to confirm its investment grade rating.

The freenet Group is Germany's largest network-independent telecommunications provider. The Group has also established itself in the digital lifestyle segment as a provider of customer household solutions that do not necessarily have to relate directly to telecommunications.

The freenet Group does not operate its own network infrastructure – it markets the mobile communications services of other mobile network operators under its own brand and on its own account. Alongside its own network-independent services and deals in the contract, no-frills and pay-as-you-go segments, the company also offers the network operators' original deals.

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