Latham & Watkins Advises Syndicate of Banks on High Yield Bonds of IHO Verwaltungs GmbH in the Amount of €1.9 Billion (Equivalent)

Latham & Watkins LLP has advised the banking syndicate on the issuance of Sustainability-Linked Senior Secured PIK Toggle Notes to institutional investors for a total aggregate amount of €1.9 billion (equivalent).

The issuance comprises two euro tranches in principal amounts of €600 million and €400 million with maturities of five and seven years and two US dollar tranches in principal amounts of US$500 million and US$450 million with maturities of six and eight years. The interest rates of the notes will be linked to the achievement of certain specific sustainability targets based on IHO Verwaltungs GmbH’s Sustainability-Linked Financing Framework.

In the past, Latham has advised various banking syndicates in connection with several high yield bond transactions of IHO Group, which conducts its operational business through the Schaeffler and Continental groups.

The Latham team was led by Frankfurt Capital Markets and Corporate Finance partner Alexander Lentz and Munich Capital Markets and Corporate Finance partner Rüdiger Malaun, with counsel Rainer Adlhart and associate Laura Neumann.