Clifford Chance advised Hilite International, Marktheidenfeld, Germany, on the successful refinancing of its existing borrowings. The company now has a revolving working capital line of EUR 100,000,000 at command with considerably better conditions compared to the earlier credit line.

Hilite International is an automotive supplier with main focus on the development and production of systems and components to improve fuel consumption and reduce emissions. Hilite International has around 1,500 employees at eight locations in Europe, North America and Asia and generated revenues of approximately EUR 442 million in 2014.

Clifford Chance had already advised Hilite International on the financing of its take-over by financial investor 3i in 2011. 3i then sold the automotive supplier in May 2014 to the Chinese state-owned enterprise AVIC Electromechanical Systems Co., Ltd. (“AVICEM”). Clifford Chance had advised on all financial law aspects of this transaction as well.

The Clifford Chance team was led by partner Dr. Bettina Steinhauer and comprised senior associate Matthias Töke und associate Christoph Nensa (all Banking & Capital Markets, Frankfurt).  The Clifford Chance New York office was also involved.