Freshfields Bruckhaus Deringer and Wolf Theiss have advised a consortium of banks on the EUR 800 million revolving ESG-linked credit facility for the Vitesco Technologies Group. Creel Garcia-Cuellar Aiza y Enriquez and Yulchon reportedly advised the banks in Mexico and South Korea, respectively.
The financing was secured by facility agent Deutsche Bank, documentation agent ING Bank, JP Morgan SE, ESG coordinator LBBW, and UniCredit Bank in the form of underwriting, and was subsequently syndicated among an extended group of banks.
According to Freshfields, “with this new RCF, Vitesco Technologies replaces the post-spin-off financing of ultimately EUR 800 million that the company raised about a year ago. The securities agreed upon at that time have now been released by the banks. The release and guarantee negotiations involved a total of ten jurisdictions.”
According to the firm, “in September 2021, Vitesco Technologies had been floated on the stock exchange as a spin-off of the Powertrain division from Continental AG.”
Freshfields' team included lawyers in Frankfurt, Amsterdam, Paris, Milan, and New York.
Wolf Theiss’ team included Hungary-based Counsel Melinda Pelikan and Associates Laszlo Lovas and Viktoria Horvath, Romania-based Partner Claudia Chiper and Senior Associate Iuliana Stoicescu, and Czech Republic-based Partner Robert David.