Milbank Advises on Benteler International AG’s €600M High-Yield Bond Offering and €1.4B Senior Facilities

Milbank LLP represented the initial purchasers and lenders in connection with the offering by Benteler International AG (“Benteler”) of €600 million 7.25% senior secured notes due 2031, in parallel to the provision of a €1 billion term loan facility and a €400 million revolving credit facility. The net proceeds of the bond offering and drawings under the term loan will be used to refinance the entirety of Benteler’s existing senior secured notes due 2028 and existing senior facilities and pay related fees and expenses.

Headquartered in Salzburg, Austria, Benteler is a global business engaged in the design and manufacturing of highly engineered, tailor-made components and modules for the global automotive industry (including in the area of e-mobility) as well as welded and seamless steel tube solutions for the industrial, automotive and energy sectors.

The transaction was led by a combined Leveraged Finance / Capital Markets Milbank team across London and Munich, including partners Rebecca Marques, Barbara Mayer-Trautmann and Apostolos Gkoutzinis, special counsel Alexander Lang and associates Lefteris Dafermos, Ludwig Reißmann, Pauline Gairanod and Luca Mirabile. Associates Maria C. Schweinberger and Facundo Gonzalez Bustamante assisted the team on the transaction. New York-based Leveraged Finance partner Christopher Kwan and associate Anderson Westerman, New York-based Tax partner Andrew Walker and associate Seth Moreida, Munich-based Tax partner Thomas Kleinheisterkamp and associate Christoph Wolf, and London-based Tax partner Alan Rafferty, associate Jade Du Berry and trainee Eamon MacDonald also assisted the team.