Clifford Chance has advised a syndicate of 19 banks led by Barclays, Citi, Deutsche Bank and Goldman Sachs on a EUR 2.75 billion bond issue by SAP SE to help refinance the acquisition of Concur Technologies, Inc.

The bond issue consisted of three tranches – a four-year floating interest rate tranche with a principal amount of EUR 750 million, an eight-year tranche with a principal amount of EUR 1 billion with a 1.125% coupon and a twelve-year tranche with a principal amount of EUR 1 billion with a 1.75% coupon.

Concur Technologies, Inc. is a global leader in travel and expenses management solutions. Concur's shareholders approved a takeover of the company by SAP America, Inc. at its AGM in November.

The Clifford Chance team was led by partner Sebastian Maerker and comprised counsel Dr. Felix Biedermann, associate Peter Becker and transaction lawyer Ksenia Chesnavskaya (all Banking & Capital Markets, Frankfurt).