IHO relies on A&O Shearman for a EUR1.9 billion bond refinancing

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Published Date

Oct 15 2024

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A&O Shearman advised IHO Verwaltungs GmbH (IHO Verwaltung) in connection with the issuance of Euro- and U.S. dollar-denominated Sustainability-Linked Senior Secured PIK Toggle Notes in an aggregate principal amount of EUR 1.9bn (equivalent). The notes were issued in four tranches maturing between 2029 and 2032. The interest rate of the respective tranches is linked to the achievement of specific sustainability targets. The proceeds from the issuance will be used to redeem IHO Verwaltung’s existing notes maturing in 2026 and 2027. IHO Verwaltung’s revolving credit facility was also amended. IHO Verwaltung is part of IHO Holding, a group of strategic management holding companies owned by the Schaeffler family.

The A&O Shearman team advising on the bond issuance was led by partner Marc Plepelits, senior associates Rita Nicole Thomas and Martin Schmidt and associate Sonali Sharma (all US Corporate Finance, all Frankfurt). Partner Dr Walter Uebelhoer, Senior Associate Sebastian Hanke and Associate Dr Georg Lütkenhaus (all Banking & Finance, all Munich) advised on the amendment of the revolving credit facility.

A&O Shearman team also comprised partners Thomas Neubaum (Banking & Finance), Dr Udo Olgemöller (Public Law, both Frankfurt), Catharina Glugla (Data Protection, Düsseldorf), Dr Heike Weber and Florian Lechner (both Tax), senior associate Elke Funken-Hötzel and associates Anastasiya-Evangelina Wiegand (both Banking & Finance), Damian Snop (Tax, all Frankfurt) and Leander Heine (Data Protection, Düsseldorf).

Partners Tim Conduit (Capital Markets) and Charles Yorke (Tax), senior associates Josephine Suen and Alexander Wicks as well as trainee solicitor Sam Hay (all Capital Markets, all London), senior associate Caroline Motzer (Capital Markets, Luxembourg) as well as partners Ken Rivlin (Environmental & Sanctions) and Jack L. Heinberg (Tax), counsels Maria Christopher Bell (Environmental & Sanctions) and John Hibbard (Tax), as well as associates Jacob Ely (Washington), Rachel Lee (New York) and Nick Ognibene (Boston, all Environmental & Sanctions) also advised on the transaction.