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Freshfields advises on €800 million credit line for Vitesco Technologies Group

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised a consortium of banks on an €800 million revolving ESG-linked credit facility (RCF) for Vitesco Technologies Group AG (‘Vitesco Technologies’). The financing 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 an underwriting and subsequently syndicated among an extended group of banks.

With this new RCF, Vitesco Technologies replaces the post Spin-off financing of ultimately €800 million that the company raised about a year ago. The securities agreed at that 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 been floated on the stock exchange as a spin-off of the Powertrain division from Continental AG. Freshfields already advised extensively on the side of Continental as well as on the side of the banks on the multi-billion financing.

The Freshfields team for the current loan renewal comprised Partner Mario Hüther (lead), Associate Matthis Grenzer and Transaction Lawyer Sazan Isufi (all Finance, Frankfurt) as well as Partner Martin Schiessl and Principal Associate Christian Schmidt (both Tax, Frankfurt). The Freshfields offices in Amsterdam, Paris, Milan and New York were also involved, as well as our cooperation law firms in Hungary, the Czech Republic, Romania, Mexico and South Korea. The firms are part of our StrongerTogether network, which comprises more than 300 partner firms in almost 200 jurisdictions.