Dentons advises lenders on tk accelis financing

Dentons has advised a group of coordinating mandated lead arrangers and an international syndicate of lenders on a €1.7 billion syndicated secured borrowing base facility for tk accelis. The financing is meant to give the materials distribution and services group an independent funding structure ahead of its planned separation from the thyssenkrupp group and listing on the Frankfurt Stock Exchange.

Deutsche Bank, Amsterdam Branch, acted as documentation agent and coordinating mandated lead arranger. Banco Bilbao Vizcaya Argentaria (BBVA), German branch, Commerzbank and Citibank, London Branch, acted as coordinating mandated lead arrangers. They were joined by an international syndicate of lenders.

The facility is structured as a borrowing base financing, a format in which availability is tied to the borrower’s eligible assets. The structure had to work around the day-to-day operations of an international trading and distribution business while establishing a standalone financing platform for tk accelis across a multi-jurisdictional group.

The team

In Spain, the Banking and Finance team included partner Jabier Badiola Bergara and counsel Ignacio Fernández.

In the picture: Jabier Badiola Bergara and Ignacio Fernández