Credit line

Freshfields advises on an 800 million euro credit line for Vitesco Technologies Group

New

Global law firm Freshfields Bruckhaus Deringer (“Freshfields”) advised a consortium of banks on an €800 million ESG-related Revolving Credit Facility (RCF) for Vitesco Technologies Group AG (“Vitesco Technologies”) ). The funding was secured by Deutsche Bank (Facility Agent), ING Bank (Documentation Agent), JP Morgan SE, LBBW (ESG Coordinator) and UniCredit Bank AG in the form of a bought deal, then syndicated within a larger group of banks.

With this new RCF, Vitesco Technologies replaces the €800 million term post spin-off funding the company raised about a year ago. The guarantees agreed at the time have now been released by the banks. The release and guarantee negotiations involved a total of ten jurisdictions.

In September 2021, Vitesco Technologies had gone public as a spin-off from the Powertrain division of Continental AG. Freshfields has already advised extensively on the Continental side as well as on the bank side on multi-billion financing.

The Freshfields team for the current loan renewal consisted of partner Mario Hüther (lead), partner Matthis Grenzer and transactional lawyer Sazan Isufi (all Finance, Frankfurt) as well as partner Martin Schiessl and senior partner Christian Schmidt (both tax specialists, Frankfurt). Freshfields offices in Amsterdam, Paris, Milan and New York were also involved, as well as our cooperating law firms in Hungary, Czech Republic, Romania, Mexico and South Korea. Firms are part of our StrongerTogether network, which includes more than 300 partner firms in nearly 200 jurisdictions.