As sole financial advisor, Herter & Co. successfully advises the German and international promissory note creditors of Branicks with maturities in 2024 (“SSD 2024”) on the extension of their facilities. The restructuring plan, which was developed and negotiated within a few weeks, was approved today by an overwhelming majority of the promissory note creditors.
Due to the maturities of the 2024 SSD and the necessary reorganisation of the bridge financing for the acquisition of majority shares in VIB Vermögen AG, which had previously been extended several times, it was necessary to define a financing concept coordinated between promissory note loan creditors, bridge lenders and Branicks at short notice.
For the 2024 SSD, an extension of the terms until 30.06.2025 has been agreed. In addition, extensive agreements were made, among other things, to ensure repayment until maturity.
The promissory note creditors voted on the restructuring plan as part of a StaRUG procedure. This was the first StaRUG proceeding conducted at the Local Court of Frankfurt am Main and also one of the fastest StaRUG trials ever conducted in Germany.
Branicks Group AG (formerly DIC Asset AG) is the leading listed specialist for office and logistics properties with over 25 years of experience in the real estate market and access to a broad network of investors in Germany. The company operates a national and regional real estate platform with nine locations in all major German markets (including VIB Vermögen AG).
Herter & Co. – A Teneo Company – acted as sole financial advisor to the promissory notes.