Freshfields advises the lenders on transformation financing for thyssenkrupp AG

Global law firm Freshfields has advised the lenders on a syndicated transformation financing for thyssenkrupp AG (tk). tk is a major German multinational conglomerate focusing on steel production and various areas of industrial engineering, including maritime defence. The initially offered amounts for the facilities were heavily oversubscribed by participating banks and increased in the process of syndication, reflecting strong support from the banking group for the envisaged transition.

The financing supports tk’s transformation by way of the ACES 2030 future model and the associated reorganisation of thyssenkrupp AG into a financial holding company in which strong, independent companies operate under one roof. The first major steps toward implementing ACES 2030 have already been taken. This structural transition coincides with the green transformation of the group, in particular in the steel segment. In the future, the group’s core segments will form around tk’s activities in automotive technology, decarbon technologies, materials services, steel and marine systems.

The Freshfields finance team advising on the transaction was led by Partner Frank Laudenklos and Principal Associate Dennis Chinnow, with support from Principal Associate Laura Korndörfer and Counsel Anouschka Zagorski. The team further comprised Principal Associate Alexander Bräuer (all Frankfurt) and Associate Karl Kuhn (Berlin).