Transaction Details

February 1, 2021
Frankfurt

Sector

Industrials and Industrial Technology

Deal Type

Debt advisory, Refinancing, Restructuring

Deal Team

Johannes Schmittat, Nikolaus Clary, Janik Bold

GCA Altium advises the Benteler Group’s lenders on a comprehensive refinancing and restructuring

GCA Altium acted as financial advisor to the Steering Committee of the Benteler Group’s lenders on a full refinancing, which is part of a fundamental restructuring of Benteler Group.

The basis of the refinancing is a restructuring agreement under inclusion of the shareholders and a restructuring loan agreement (including a fresh money facility). During the structuring of the new financing all existing financing components, including special financings and promissory notes with a total of almost 120 different financing partners, were transferred into a joint financing structure backed by a security pool.

Benteler Group had already launched an operational restructuring programme in its divisions Automotive and Steel/Tube in 2018 due to the negative developments in the global automotive market. As a result of the COVID-19 crisis, the Group had to significantly intensify its restructuring efforts again at the beginning of 2020.

Benteler Group, a family-owned company with approximately 100 locations in almost 30 countries and about 28,000 employees worldwide, is one of the largest European automotive suppliers. Of its total revenue of almost EUR 8 billion in 2019, approximately 85% was generated by the automotive division, with the remaining approximately 15% coming from the second main pillar, the production of steel products and tubes for industry customers.

Johannes Schmittat, Managing Director at GCA Altium, commented: “In addition to the large number of financing partners involved, the challenges of the refinancing particularly lay in the complexity of the group and financing structure, with almost 30 jurisdictions involved, and in completing a highly complex global refinancing process in a tight time frame so as not to jeopardise the stability of the Benteler Group.”

Related Transactions

Previous
All transactions