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Hengeler Mueller advises CECONOMY on additional EUR 1.7bn syndicated revolving facility under direct participation by KfW | Hengeler Mueller News

Hengeler Mueller advises CECONOMY on additional EUR 1.7bn syndicated revolving facility under direct participation by KfW

Following the approval of the German Federal Government for the participation of KfW, Germany's state-owned bank, in a syndicated revolving facility in the amount of EUR 1.7bn, CECONOMY AG ("CECONOMY") also received the required approval of its partner banks. EUR 1.36bn of the new commitments under the additional revolving facility which has been incorporated into the existing syndicated facility agreement of CECONOMY are assumed by KfW and EUR 340m of the commitments are assumed by an international consortium of 15 banks. The new facility complements CECONOMY’s existing committed facilities amounting to EUR 980m and serves as back-up liquidity in the Covid-19 pandemic for extended lock-down periods and a potential second wave. The new revolving facility has a term until December 2021 with a one-year extension option at the discretion of KfW.

Hengeler Mueller advised CECONOMY on the transaction. The team was led by partner Daniela Böning (Financing, Frankfurt) and included partner Andreas Austmann and counsel Manuela Roeding (both Corporate, Düsseldorf) as well as associates Henning Hilke and Tobias Braun (both Financing, Frankfurt).

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