International law firm Freshfields Bruckhaus Deringer advised Techem, a leading global provider of energy billing and energy management services, on its successful €1.3 billion refinancing of existing debt.
Techem issued two series of bonds in a total aggregate principal amount of €735 million and secured new senior loan facilities with a volume of €550 million with a maturity of five years. The bond financing, which is Techem’s inaugural bond offering, consists of €410 million principal amount of 6.125% senior secured notes due 2019, ranking pari passu with the loan facilities, and €325 million principal amount of 7.875% senior subordinated notes due 2020. This financing allowed Techem to refinance its existing credit facilities before their maturity in 2015, achieve a debt profile with staggered maturities and significantly broaden its financing options through its successful debut on the debt capital markets.
Freshfields has recently advised on a significant number of refinancings in Germany, including EnBW, PrimaCom, Carl Zeiss Vision, Profine, Conergy, Porsche and Jost.
The Freshfields team included Frank Laudenklos, Michael Josenhans, Andreas Ruthemeyer, Martin Heuber, Shane O’Driscoll (all finance, Frankfurt), Ian Frost, Patric Hoy, Michael Blau (all finance, London), Mark Strauch, Andreas König, Thilo Diehl, Nikolai Vokuhl, Kyle Miller (all capital markets, Frankfurt), Simone Bono, Victor Chai, Tracy Zhang (all capital markets – high yield, London), Alexander Ruschkowski, Christina Zapf (derivatives, Frankfurt) and Nicolas Wolski (tax, Frankfurt).
