Milbank LLP has advised Axel Springer SE (Axel Springer) comprehensively on a new syndicated facility agreement.
The revolving credit facility under the syndicated facility agreement is provided by a broad consortium of longstanding relationship banks and replaces Axel Springer’s previous syndicated credit facilities in connection with the implementation of its new corporate structure. In this context, all of Axel Springer’s syndicated and other promissory note loans (Schuldscheindarlehen) in substantial amounts will also be prepaid via a contractual repurchase offer.
The changes position all businesses for optimal future growth potential and success in their respective markets, strengthening Axel Springer as a transatlantic family-owned media company focused on digital journalism. The portfolio of successful media brands in Europe and the US includes, amongst others, BILD, BUSINESS INSIDER, MORNING BREW, POLITICO and WELT, as well as, in the context of the joint venture operated together with Ringier Axel Springer in Poland, FAKT, FORBES, NEWSWEEK and ONET. It also comprises the marketing companies Bonial and Idealo, as well as Awin, and the digital research company Emarketer. KKR and CPP Investments are divesting their shares in Axel Springer. Under the new structure, The Stepstone Group, one of the world’s leading recruiting platforms, and AVIV, a leading European real estate platform, will operate as independent joint venture companies with KKR and CPP Investments as majority owners. Axel Springer will continue to be involved as a minority shareholder holding ten percent in both classifieds companies, thus benefiting from further value appreciation.
The Milbank team which advised Axel Springer comprehensively on all aspects of the new syndicated credit facility was led by partner Thomas Ingenhoven (Finance, Frankfurt) and included partner Thomas Kleinheisterkamp (Tax, Munich), special counsel Gerrit Merkel (Finance, Frankfurt), and associates Adrian Müller-Achenbach (Finance, Frankfurt) and Christoph Wolf (Tax, Munich).
