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.

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.

€ 135 m Schuldscheindarlehen (bonded loan) arranged for Montana Tech Components GmbH

In autumn 2016, NORD/LB together with a banking consortium arranged a Schuldscheindarlehen (SSD) with a volume of € 135 m and, therefore, the fourth very successful transaction of this type.

The SSD is for general corporate financing purposes and the refinancing of existing loans.

Montana Tech Components GmbH acts as a financing and management company for the Montana Tech Group. The 100% shareholder of MTC is the Montana Tech Components AG, which was founded in 2006. The Montana Tech Group is a technology-oriented industrial group and has a broadly diversified business model that is divided into four operating divisions: Aerospace Components, Metal Tech, Energy Storage (VARTA AG) and Industrial Components. Overall, the group commands leading market positions in fast-growing markets and focuses on key technologies. In view of its wide diversification MTC has only a low degree of cyclicality.

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.

Duravit Group - off-balance sheet solution

A low-cost and liquidity-preserving financing structure, which was tailored to DURAlog Duravit Logistik GmbH, combines need-based leasing with funds from the Kreditanstalt für Wiederaufbau (Reconstruction Loan Corporation).

In the industry, the Duravit Group is considered one of the leading providers in matters related to bathroom design and covers the entire area of bathroom furnishing with sanitary ware, bathroom furniture, accessories, bathtubs/sinks and wellness ideas. Duravit operates 27 investment companies around the world and is present in over 90 countries. The increase in sales within the Duravit Group led to a need for optimisation and expansion in the existing logistics capacity for the 100% logistics subsidiary DURAlog Logistik GmbH (in short: DURAlog). DURAlog is responsible for the execution of services in the area of logistics and transport and operates a central storage facility in Aachen. The planned expansion of the logistics capacity was supposed to be handled through the construction of a fully automated high bay warehouse on land already owned by the Duravit Group.

In collaboration with the leasing subsidiary LHI Leasing GmbH and in close coordination with the Duravit Group, NORD/LB structured a need-based, off-balance sheet financing solution for the construction of the high bay warehouse. We implemented the project with an investment sum in the double-digit million range through build-and-lease-back financing with the inclusion of funds from the Kreditanstalt für Wiederaufbau (Reconstruction Loan Corporation). The combination of both financing alternatives made it possible to provide low-cost and liquidity-protecting financing for the Duravit Group.

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