Herter & Co. advises the EEW Group on the restructuring and expansion of its corporate financing
Herter & Co. advised the EEW Group – the large-diameter pipe manufacturer – on the refinancing and expansion of its existing financing. The transaction volume amounts to approximately €600 million and comprises revolving cash credit facilities and bonding facilities. A new tranche of €180 million to finance the company’s growth was supported by a guarantee from the German federal government and two German states.
“The new financing structure gives EEW Group the opportunity to finance the high growth, especially in the offshore wind business, and to expand further on a secure financing basis. For example, we are currently in the process of building a new plant in the U.S.” said Christoph Schorge, CEO of the EEW Group. “Our debt advisor Herter & Co. helped developing the financing structure, led the negotiations with many parties, managed the government backed guarantee process and thus contributed significantly to the success of the project,” adds Ralf Pulverich, CFO of the EEW Group.
The syndicated loan is provided by a consortium of long-standing principal banks. In addition, further guarantee credit lines have been agreed with credit insurers.
As the world market leader in the production of large-diameter pipes, the EEW Group offers solutions for offshore and onshore construction, process- and line pipes at 6 locations worldwide and with more than 2,000 employees. As a strong partner, the EEW Group realizes projects of all sizes in various industries including (i) offshore wind-, gas- & oil, (ii) onshore oil, gas & chemical, (iii) power plant construction, (iv) LNG/LPG and (v) for the construction industry.
Herter & Co. acted as Sole Debt Advisor to the EEW Group.