DLA Piper has advised PORR AG (“PORR”) on the placement of its first borrower’s note loan worth 185.5 million euros. The issue consists of four tranches with terms of three and five years – optionally with fixed or variable interest rates. The placement did not exclusively occur in the European region, but also to a large extent in Asia. Despite the current volatility of the market, interest among investors in the PORR borrower’s note loan was very high and ultimately resulted in a significant increase in volume from the original 100 million euros to 185.5 million euros. As a result, it was possible to set all four tranches of the loan at the lower end of the interest-rate band.

The issue was carried out by HSBC Trinkaus & Burkhardt AG as sole arranger. The borrower’s note loan is subject to German law.

With more than 13,000 employees and an annual production output of some 3.5 billion euros per year in 2014, the PORR Group is one of Austria’s largest construction companies and a leading player in Europe. With numerous locations in the countries of Central, Southeastern and Eastern Europe, it is involved in the implementation of ground-breaking construction projects.

The international advice provided by DLA Piper came through the German Finance partner, Dr Nina-Luisa Siedler (Finance & Projects, Frankfurt), and in Austria through the Capital Markets partner, Dr Christian Temmel (Corporate, Vienna).