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Hengeler Mueller advises bank syndicate on sustainability-related refinancing of Dürr AG

August 2019 - Finance . Legal Developments by Hengeler Mueller .

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As part of its sustainability-oriented refinancing Dürr AG has signed a EUR 750 m syndicated credit facility. The syndicated loan consists of a cash facility of EUR 500 m and a letters of credit facility of EUR 250 m. The interest rate is inter alia adjusted subject to a sustainability rating provided by the agency Ecovadis. Considered factors include, among others, CO2 emissions and water consumption as well as fair working conditions at suppliers. The signing of the loan agreement served as a pilot project for the digitalisation of syndication processes, using a Dürr-hosted Blockchain and digital security technology.

The bank syndicate comprises 13 banks form Europe, Asia and the US which reflects the international character of Dürr's business.

Hengeler Mueller advised the bank syndicate on the transaction. The team included partner Johannes Tieves as well as associates Henning Hilke and Rudolf Mehl (all Financing, Frankfurt).

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