Freshfields advises Porsche on €10bn financing
Freshfields Bruckhaus Deringer has advised key client Porsche on a €10bn (£9.3bn) loan refinancing. The deal, announced earlier this week (24 March), saw the Stuttgart-based sports car maker secure a new credit facility with 15 banks.Freshfields Porsche relationship partner Christoph von Buelow led a team from the firm's Frankfurt office advising on the deal. It included finance partners Andreas Koenig and Ian Frost as well as corporate partners Thomas Buecker and Christoph Gleske.
March 27, 2009 at 07:07 AM
2 minute read
Freshfields Bruckhaus Deringer has advised key client Porsche on a €10bn (£9.3bn) loan refinancing.
The deal, announced earlier this week (24 March), saw the Stuttgart-based sports car maker secure a new credit facility with 15 banks.
Freshfields Porsche relationship partner Christoph von Buelow led a team from the firm's Frankfurt office advising on the deal. It included finance partners Andreas Koenig and Ian Frost as well as corporate partners Thomas Buecker and Christoph Gleske.
In a statement, Porsche said that the refinancing, which saw the car giant turn to a number of new lenders, had taken longer than expected due to the market turbulence.
The 15 banks in the consortium were Barclays Capital, Commerzbank, LBBW, Deutsche Bank, UBS, Credit Suisse, Santander, BayernLB, BNP Paribas, Calyon, UniCredit/HBV, Helaba, Intesa, WestLB and DZ-Bank.
A number of the world's largest car manufacturers have moved to refinance in recent months as the industry has been battered by the global recession and ongoing turmoil in credit markets.
The deal also underlines the importance of the client to Freshfields' Germany arm. The magic circle law firm advised Porsche on a big-ticket financing in 2007, when the company raised over €35bn (£32.6bn) to finance its public takeover offer for Volkswagen (VW). This week's refinancing has seen investors speculating that Porsche will increase its stake in the car-maker, boosting VW's share value this week.
Porsche has owned a 50.8% stake in VW since January this year and had previously announced intentions to increase that stake during the year to 75%.
The board of VW has instructed Clifford Chance (CC) throughout the two previous stages of Porsche's share-building in the company.
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