Freshfields has advised Germany-based automotive supplier Continental AG on the establishment of a EUR 5bn debt issuance programme and on a notes issue over EUR 750m.
International law firm Freshfields Bruckhaus Deringer has advised Germany-based automotive supplier Continental AG on a EUR 750 million notes issue under its new EUR 5 billion debt issuance programme.
The notes have a maturity of five years and a fixed coupon of 3.0% per annum. The proceeds from the issue will be used for the refinancing of notes issued in September 2010 with a fixed coupon of 7.5% per annum, which will be redeemed by Continental in September 2013 prior to their stated maturity.
Continental’s new debt issuance programme, on the establishment of which Freshfields has also advised, enables Continental AG to use favourable market conditions in a very quick and flexible manner for its long-term financing and, due to the denomination of EUR 1.000 per note, to also attract retail investors.
Continental is one of the worldwide leading automotive suppliers and offers a broad range of braking systems, vehicle drive and chassis systems and components, instrumentation, infotain-ment solutions, automotive electronics, tires and non-tire rubber products.
The Freshfields team advising on the notes issue comprised capital markets specialists Christoph L. Gleske and Christina Zapf.
