Milbank LLP has advised Axel Springer SE on a comprehensive refinancing of its existing syndicated credit facilities.
Under the amend & extend transaction, the existing syndicated facilities agreement of Axel Springer SE has been prematurely extended on very favorable terms despite the difficult market environment and now comprises term loans and a revolving credit facility in an aggregate amount of €2.3 billion. The new financing is provided by a broad consortium and includes both existing and new banks.
Axel Springer SE is a media and technology company active in more than 40 countries with media brands including Bild, Welt, Politico and Business Insider, as well as the classified portals of StepStone Group and AVIV Group. Through accelerated growth, Axel Springer aims to become the global market leader in digital journalism and digital classified offerings. The company is headquartered in Berlin and employs more than 16,000 people worldwide.
The Milbank Team, which advised Axel Springer comprehensively on all aspects of the transaction, was led by partner Thomas Ingenhoven (Finance) and included partner Thomas Kleinheisterkamp (Tax) as well as the associates Gerrit Merkel and Sebastian Trompler (both Finance).
