Freshfields advises banks on credit facility for CECONOMY under KfW Special COVID-Programme
The international law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised a syndicate of banks led by Deutsche Bank on a EUR1.7 billion revolving credit facility for CECONOMY AG. CECONOMY is one of the leading retailers for concepts and brands in the field of consumer electronic.
The facility is provided under German development bank KfW's Special Programme No. 855, which was established to mitigate the economic effects of the Corona crisis. The credit agreement comprises commitments of EUR1,360 million from KfW and EUR340 million from the consortium of commercial lenders. It complements CECONOMY's existing committed credit facilities of EUR 980million.
The conclusion of the revolving credit facility provides CECONOMY with access to substantial backup lines for potentially longer lock-downs and a possible second wave of the COVID-19 pandemic.
The Freshfields team comprised Frankfurt finance partner Frank Laudenklos and associates Georg Lübbehüsen and Bernd Delahaye (both finance). Additional support was provided by finance partner Lars Westpfahl, tax partner Martin Schiessl and ACT partner Andreas von Bonin.