Milbank Frankfurt Finance Team Advises Axel Springer Aktiengesellschaft in Connection with the Refinancing of EUR 1,500,000,000 Revolving Credit Facility by way of Syndicated Multi-Currency Revolving Credit Facility and Promissory Notes
FRANKFURT, October 19, 2012 - Axel Springer Aktiengesellschaft, the publicly listed German publisher, has refinanced an expiring credit facility of originally EUR 1,500,000,000. In April 2012, the company placed promissory notes (Schuldscheine) with both fixed and variable interest rates with a term of four and six years and a total volume of EUR 500,000,000. In September 2012, the company entered into a EUR 900,000,000 syndicated multi-currency revolving credit facility with a term of five years. The credit facility, together with the promissory notes, secures the company's medium-term financing requirements and enables the company to further execute its digital growth strategy. A total of ten national and international banks are participating in the revolving credit facility with Commerzbank, Landesbank Hessen-Thüringen, Société Générale and Unicredit acting as arrangers.
Axel Springer Aktiengesellschaft is a leading multimedia company in Europe, offering a broad spectrum of print and digital media. Axel Springer is the publisher of Germany's largest newspaper and the third-largest magazine publisher in Germany.
The Milbank team representing Axel Springer Aktiengesellschaft included finance lawyers Thomas Ingenhoven, Mathias Eisen, Oliver Hahnelt (all Frankfurt) and tax partner Thomas Kleinheisterkamp (Munich).
