Herter & Co. advised the automotive supplier Huf Hülsbeck & Fürst in Velbert (Huf) on the refinancing of its existing financial debt. The transaction volume amounts to more than €400m and comprises revolving credit facilities, factoring programs as well as promissory note loans. The successful refinancing confirms the confidence of banks and investors and marks the final step in the 2019 initiated restructuring process.
“The completion of new, long-term financing agreements, compiled in cooperation with our financial advisor Herter & Co., marks the last milestone in our restructuring process and is at the same time proof of the continued high confidence of the banks and our shareholders in our strategy.” said CEO Tom Graf. “Herter & Co. managed the entire financing process and provided us with significant support during the negotiations.”
The syndicated loan is provided by a consortium consisting of the existing bank group. A broad investor group of over 50 capital providers continues to provide the promissory note loans.
Huf develops and produces mechanical and electronic locking systems, as well as vehicle access and authorization systems for the global automotive industry. Founded in 1908 by Ernst Hülsbeck and August Fürst in Velbert, the family-owned company now operates sites in Europe, America, and Asia. According to a study by Handelsblatt, Huf is one of the 20 most innovative companies in Germany. In the fiscal year 2020, Huf generated sales of around 1 billion euros and employed around 7,800 people globally.
Herter & Co. acted as Sole Debt Advisor to Huf.