Noerr advises on STEAG financing

With a team led by Andreas Naujoks and Christian Pleister, Noerr has advised the guarantors in connection with the successful conclusion of a new financing agreement with STEAG.

In addition, several other banks, financers of project companies and creditors of registered bond notes and creditors of promissory notes were involved in the complex financing of STEAG and its sole shareholder, KSBG Kommunale Beteiligungsgesellschaft GmbH & Co. KG, with loans of approximately €1bn in total. Noerr has a key role in the financing solution as the various funding providers of the STEAG Group had to be coordinated and harmonised. With this, the financing of the STEAG Group has been secured until the end of 2023.

The agreement is the basis for implementing a transformation process as part of the exit from coal-fired power generation and further developing new areas of growth. Profitability is to be increased by the end of 2023 through staff measures, reductions in material costs, growth initiatives and further portfolio optimisation. STEAG is one of the largest power generators in Germany and generated a turnover of €2.1bn in 2019 with more than 6,300 employees. KSBG Kommunale Beteiligungsgesellschaft GmbH & Co. KG is held by a group of municipal companies and is to be held by a trustee in the future.

Noerr regularly advises clients in connection with complex and high-volume financial restructuring projects. The close collaboration between the practice groups Banking & Finance and Restructuring & Insolvency increasingly pays off. The firm’s interdisciplinary teams recently advised, among others, the financing banks of the insolvent Euromicron AG on the successful sale of its subsidiaries, Condor Flugdienst GmbH on its successful reorganisation in “protective shield” proceedings (Schutzschirmverfahren), the banking syndicate on syndicated financing for the benefit of Adler Modemärkte AG, the banks on the investment of Swiss Automotive Group (SAG) in Autoteile Pöllath (ATP), the banks on the restructuring of Eisenmann SE and in connection with the financial restructuring of Willy Bogner Group.

Advisors to the guarantors: Noerr

Team lead
Andreas Naujoks (Banking & Finance/Restructuring, Frankfurt)
Simone Schönen (Restructuring, Hamburg)
Professor Christian Pleister (Berlin/Frankfurt, Restructuring)

Arbitration
Judith Fuchs (London)

Banking & Finance
Dr Dorian Legel, Dr Torsten Wehrhahn, Patrick Geist, Pinar Turkac-Christmann, Dr Fabian Radke (Frankfurt)
Konrad Werner (Warsaw)

Capital markets
Dr Ingo Theusinger (Dusseldorf)
Dr Ralph Schilha (Munich)

Corporate/M&A
Dr Moritz Koch, Moritz Rojek, Dr Ramon Sieven (Hamburg)
Ira Tsoures, Lukas Zöllner (Berlin)

Distribution law
Pieter Krüger (Frankfurt)

Employment law
Dr Benjamin Jahn (München)
Dr Patrick Mückl (Dusseldorf)

Energy
Dr Martin Geipel (Berlin)

Financial supervisory law
Professor Kai-Michael Hingst, Dr Karl-Alexander Neumann (Hamburg)

IP law
Valentin Schmidt (Munich)

Public law
Dr Theresa Bachmann, Dr Max Helleberg, Esther Priebs (Berlin)

Restructuring
Stephanie Bender (Hamburg)
Dr Nicholas Palenker (Berlin)

Tax law
Dr Carsten Heinz (Munich)
Michael Tommaso (Berlin)