September 3, 2015
Industrials and Industrial Technology
Debt advisory, Refinancing
Dr Johannes Schmittat, Heinke Herz, Nikolaus Clary
GCA Altium advises on the refinancing of PAS
GCA Altium acted as exclusive debt adviser to PAS Group on the refinancing of its loans following the sale of the majority stake owned by funds managed by Baird Capital Partners Europe Ltd back to Prettl Group, which was previously already the sole shareholder of PAS.
PAS is a leading provider of front panels and wire harnesses to white goods OEMs. Headquartered in Neuruppin, Germany, the Group has a global manufacturing footprint in close proximity to key customers in Germany / Poland, the USA / Mexico, Turkey and China.
The refinancing of the company was provided by a club of Landesbank Hessen-Thüringen and Bremer Kreditbank. Along with long-term facilities for refinancing the existing debt, the financing package also includes a working capital facility.
Thomas Born, CFO of PAS commented on the successful refinancing: “We were able to replace the old LBO structure with an appropriate corporate loan. GCA Altium led the refinancing for us during all phases of the transaction. We are very happy with the outcome and the improved terms.”
GCA Altium provided debt advice to PAS on all commercial aspects of the financing transaction and secured a competitive financing package which reflects the company’s specific requirements.