Noerr advises SAF-HOLLAND on successful placement of €250m promissory note loan

Noerr has advised SAF-HOLLAND on the successful placement of a promissory note loan worth €250 million. In light of the current challenges facing the capital markets, the note  issue met with high demand by investors. Oversubscribed multiple times, the note’s final amount exceeded the target volume of €100 million by €150 million. 

SAF-HOLLAND, one of the leading suppliers to the truck and trailer industry worldwide successfully placed the promissory note loan via its subsidiary, SAF-HOLLAND GmbH, with a total of 20 banks and institutional investors in Germany and abroad. The proceeds will be used to finance the company generally and, in particular, to refinance the convertible bond that falls due on 12 September 2020. The significant oversubscription also allows the company to refinance the 5-year tranches of the promissory note issued in November 2015 that falls due on 27 November 2020 (value: €140.5 million). 

Advisors to SAF-HOLLAND SE: Noerr LLP

Dr Nikolai Warneke, Dr Alexander Schilling (both Finance), Dr Dominik Kloka (Capital Markets, all Frankfurt)