Clifford Chance has advised an international banking syndicate on the refinancing of a EUR 1.7 billion long-term syndicated credit facility to the German construction group HOCHTIEF Aktiengesellschaft. The banking syndicate agreed to provide a loan facility with a tenor of five years with an extension option of up to two more years. Of the total amount, EUR 1.2 billion are made available as a letter of credit facility and EUR 0.5 billion as a cash facility. HOCHTIEF describes this facility as a key element of its long-term financing strategy.

The Clifford Chance team was led by partner Dr. Florian Mahler and comprised senior associate Bahar Rahimyar and transaction lawyer Dr. Salome Jibuti (all Düsseldorf) as well as counsel Philipp Kropatscheck (Frankfurt) – all Banking & Capital Markets.