Noerr advises banking consortium on refinancing of Grammer AG
Noerr has advised a banking syndicate led by Commerzbank Aktiengesellschaft and UniCredit Bank AG on the refinancing of Grammer AG. The new syndicated loan ensures long-term funding security for Grammer AG.
The transaction was structured as a “club deal” among Grammer’s principal banks.
The syndicated loan consists of two tranches. Tranche A provides for a credit facility of EUR 150 million with a term of five years plus two one-year extension options. This tranche is to be used to refinance existing financial liabilities ahead of schedule and at the same time to top up the previous facility, which had a volume of EUR 100 million and originally expired at the end of October 2020. In addition, the remaining purchase price of USD 80 million for the acquisition of the US automotive components supplier TMD Inc. is being funded via a second Tranche B. This marks the scheduled completion of the funding for the largest acquisition in Grammer AG's history.
Grammer AG, based in Amberg, Germany, specialises in developing and manufacturing components and systems for automotive interiors as well as suspended driver and passenger seats. With over 15,500 employees, Grammer is active in 20 countries worldwide.
Advisors to banking consortium: Noerr LLP
Dr Tom Beckerhoff, Dr Alexander Schilling (joint team lead), Patrick Geist (all Financing, Frankfurt)