Transaction Details

September 24, 2021
Frankfurt

Sector

Industrials and Industrial Technology

Deal Type

Restructuring

Deal Team

Johannes Schmittat, Nicole Leder, Lucas Schäfer

GCA Altium advises the Steering Committee of the guarantee providers of STEAG on a financing solution

GCA Altium acted as financial advisor to the Steering Committee of the guarantee providers of energy provider STEAG on the successful negotiation of a comprehensive and sustainable financing solution, part of a fundamental transformation process at STEAG Group.

For more than 80 years, STEAG has been developing, constructing, operating and marketing high-efficiency power plants and their by-products. In 2019, STEAG achieved a turnover of EUR 2.1bn. As one of the largest generators of electricity in Germany, STEAG has an installed capacity of approximately 7,200 megawatts, of which around 5,000 are in Germany. The STEAG Group operates power plants in the Ruhr area, Saarland and Saxony, as well as over 400 local facilities generating power from renewables and distributed generation facilities for industrial applications and heat supply.

Going forward STEAG aims to transform itself from a major coal energy provider to a renewable and decentralised energy generation and services company. This transformation will be supported by a comprehensive financing package of more than EUR 1.3bn provided by guarantee providers, promissory note holders and registered bonds providers.

GCA Altium developed a sophisticated and complex financing concept that allows for an equal treatment among financing parties while at the same time ensuring STEAG’s ongoing financial stability.

Johannes Schmittat, Managing Director at GCA Altium, commented: “In addition to the large number of financing partners involved, the challenges of this financing concept lay in the complexity of arranging equal treatment among the lenders, given the high complexity of the group and financing structure.”

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