Yesterday German group Dürr raised a €750 million ($840m) syndicated loan using a blockchain platform developed in-house. The coordinating banks were BNP Paribas, Commerzbank, Deutsche Bank and UniCredit. The company said the debt was raised with attractive terms. It features an interest rate linked to the company’s sustainability rating provided by the EcoVadis agency.
Dürr is a mechanical and plant engineering firm with 55% of its earnings in the automotive sector. It provides robots, paint and assembly lines for the likes of Lamborghini, GM Korea and Tesla. In 2018 it had revenues of €3.9 billion ($4.4 billion).
The loan which runs to 2024 consists of a cash credit line of €500 million ($560m) and a guarantee line of €250 million ($280m). The other participating banks were Bank of China, DZ Bank, HSBC, ING, JPMorgan, KfW/IPEX, LBBW, Mizuho and Santander. Freshfields Bruckhaus Deringer provided legal advice.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
Image Copyright: Duerr Group
