Allen & Overy (A&O) and Linklaters have won roles relating to German car part manufacturer Schaeffler's new €8bn (£6.6bn) credit agreement.

A&O is advising the company on the loan as well as a €2bn (£1.7bn) high-yield bond programme, which will be used to immediately repay part of the new bank facility.

The firm's team was led by lawyers in Frankfurt and Munich including banking and finance partners Thomas Neubaum, Walter Uebelhoer and Oliver Waldburg, equity capital markets partners Oliver Seiler and Gernot Wagner, corporate partner Alexander Veith and tax partner Heike Weber.

Lawyers from A&O's UK, France, Hong Kong, Netherlands, Romania, Spain, Slovakia, Hungary and 
US offices were also involved on the deal.

The lending consortium of banks, which includes BNP Paribas, Commerzbank, Deutsche Bank, HSBC, JP Morgan, Landesbank Baden-Wurttemberg (LBBW), Royal Bank of Scotland (RBS) and UniCredit, was advised by Linklaters, Hengeler Mueller and Shearman & Sterling.

Hengeler acted for the consortium with a team led by partners Johannes Tieves and Heinrich Knepper, while Linklaters advised Commerzbank, LBBW, RBS and Unicredit with a team headed up by finance partners Tom Wells in London and Marc Trinkaus in Frankfurt.

Shearman advised the global co-ordinators on the high-yield bond element, with a team including Frankfurt capital markets partners Katja Kaulamo, Marc Pleplits and Stephan Hutter, Frankfurt finance partner Esther Jansen and Munich tax partner Johannes Frey.