Herter & Co. advised FUNKE Mediengruppe on its new group financing. The transaction volume of the new syndicated loan including revolving credit line amounts to € 500 million and was arranged at favorable terms.
“The newly structured financing gives financing security for the years to come and provides additional headroom to continue with the implementation of FUNKE’s transformation and digitalisation strategy. We are very pleased to have strong and reliable banking partners at our side who are convinced of the path we have been taking since summer 2021. Herter & Co. provided very valuable support assisting us throughout all phases of the financing process,” said Simone Kasik, member of the executive board of FUNKE Mediengruppe.
The new syndicated loan facility is backed by a club of 8 banks. For the first time, the new financing features a so-called rendezvous clause for the subsequent implementation of an ESG component whereby FUNKE undertakes to implement its ambitious sustainability targets. By achieving the sustainability goals, FUNKE could benefit from a reduced financing margin in the future.
FUNKE Mediengruppe is one of the largest and oldest media companies in Germany with around 5,500 employees and approximately 13,000 delivery staff. In the financial year 2021, the group generated revenues of around € 1.1 billion.
Herter & Co. acted as sole debt advisor to FUNKE.
