Clifford Chance has advised Heidelberger Druckmaschinen Aktiengesellschaft on its comprehensive refinancing arrangements.  Following the successful placement of a high-yield bond and arrangement of a syndicated credit line in early 2011 and the issuance of a convertible bond in summer 2013, Heidelberger Druckmaschinen AG has further optimised its financing structure by increasing the volume of its high-yield bond by a further EUR 51 million and by extending the syndicated credit line – currently around EUR 340 million – ahead of term.

The tap on its high-yield bond, which is governed by German law, was placed with international investors. The tap was done under essentially the same terms and conditions as in early 2011 and is also due in 2018. A banking consortium comprising Deutsche Bank (London), BNP Paribas, Commerzbank and Landesbank Baden-Württemberg acted as joint bookrunners and joint lead managers for the placement and DZ Bank and HSBC Bank as co-managers.

The syndicated credit line was extended ahead of term until mid-2017 by the existing banking consortium lead by Deutsche Bank and comprising of Bank of America, BNP Paribas, Citigroup Global Markets, Commerzbank, Deutsche Bank, DZ Bank, KfW-IPEX-Bank, HSBC Trinkaus & Burkhardt, Landesbank Baden-Württemberg, Portigon and SEB acting as lenders, thereby furthering diversifying the financing structure of Heidelberger Druckmaschinen.

The Clifford Chance team which advised on the high-yield bond comprised partners Markus Pfüller (Frankfurt) and Michael Dakin (London), counsel Philipp von Ploetz and associates Matthew Dunlap and Juliane Pogadl (Frankfurt) – all Capital Markets. Partner Dr. Dietrich F. R. Stiller, counsel Christof Häfner, senior associate Melissa Staunton, associates Lena Hefele, Tanja Gropp and Dr. Katalin Legradi (all Banking & Finance, Frankfurt) advised on the syndicated credit line.

Lawyers from several other Clifford Chance offices around the globe were also involved, including from Amsterdam, Hong Kong, London, Paris, Singapore and Tokyo, reflecting the fact that the new financing and collateral security structure used in the transaction spanned a total of 24 jurisdictions