05-26-2017

ENERVIE refinancing with EUR 190 million syndicated loan and Heuking Kühn Lüer Wojtek




ENERVIE group has been able to conclude its financial restructuring substantially earlier than expected. The new EUR 190 million syndicated loan agreement, consisting of a consortium of eight banks, was disbursed a few days ago. It replaces the reorganization master agreement that had been concluded with ENERVIE group’s financial creditors at the beginning of the reorganization in 2015. The energy company was advised on the refinancing transaction by a team led by Dr. Guido Hoffmann, partner at the Düsseldorf office of Heuking Kühn Lüer Wojtek.
 
The refinancing offers the company new scope for successful positioning. ENERVIE concluded fiscal 2016 with earnings before taxes of EUR 30.2 million, thus exceeding expectations. Since the start of the reorganization in mid-2015, the company has been able to reduce its debt from some EUR 290 million to about EUR 140 million.
 
The EUR 60 million shareholder loan granted in 2015 by the three main shareholders, the City of Hagen, the City of Lüdenscheid, and Remondis, will remain a key part of corporate financing.
 
ENERVIE - Südwestfalen Energie und Wasser AG is a regional corporate network of Mark-E Aktiengesellschaft, Stadtwerke Lüdenscheid GmbH, and ENERVIE Vernetzt GmbH, headquartered in Hagen. ENERVIE group supplies some 400,000 customers and energy trading partners with electricity, gas, heat, and drinking water.
 
Heuking Kühn Lüer Wojtek has been advising ENERVIE group on its reorganization and associated negotiations with more than 40 banks since 2015.

Counsel to ENERVIE - Südwestfalen Energie und Wasser AG
Heuking Kühn Lüer Wojtek:

Dr. Guido Hoffmann, LL.M. (Lead, Finance),
Dr. Christian Appelbaum (Finance),
Dr. Tilman Spancken (Real Estate, Finance),
Dorothee Kirsten Hellebusch (Real Estate, Finance), all Düsseldorf

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