Hengeler Mueller advises SCHMOLZ + BICKENBACH on financial restructuring

SCHMOLZ + BICKENBACH, a global leader in special long steel, announced the successful completion of its financial restructuring. Following the capital increase of CHF 325 million completed in January 2020, the Swiss company has now signed the new financing agreements with the banks and its new major shareholder BigPoint Holding AG ("Big Point), which will run until March 2025.

The existing syndicated loan was increased to EUR 465 million, including a term extension to five years until March 2025. The company also received a shareholder loan of EUR 95 million with the same term from its major shareholder BigPoint. In addition, the term of the existing ABS programme of EUR 230 million plus USD 70 million was extended until March 2025. As part of the refinancing the company also redeemed the bonds with a maturity until 2022 which have been tendered in the course of the change in control effected by BigPoint.

Hengeler Mueller advised SCHMOLZ + BICKENBACH on the financial restructuring. The team was led by partners Daniela Böning and Nikolaus Vieten (both Financing) and included partner Hendrik Haag (Capital Markets/DCM) as well as associates Tobias Braun and Miriam Peter (both Financing) (all Frankfurt).