Having the background of significantly improved profitability and balance sheet structure, HAWE Hydraulik SE has concluded a new syndicated loan agreement with a term of 5 years and a volume of EUR 130 million.
Bayerische Landesbank, Commerzbank AG, Deutsche Bank AG and HSBC Trinkaus & Burkhardt AG participated in equal parts as Mandated Lead Arrangers and Bookrunners in the syndicated loan arranged by HAWE itself. Commerzbank took on the role of documentation agent, while Deutsche Bank was mandated as an administrative agent. With the new loan agreement, HAWE replaces the existing syndicated loan. Overall, the conditions have been significantly improved compared to the old agreement. In addition, the baskets for bilateral loans were increased and an option to extend the revolving credit line was agreed.
The syndicated loan procurement process resulted in favorable conditions both in terms of amount and in terms of the number of possible financing banks. HAWE has intentionally chosen a consortium of banks with different focus areas considering the Group's international orientation and further global growth plans. Deutsche Bank and HSBC have joined the banking group as new lenders.
"Demand-oriented financing with the highest possible degree of flexibility, reduced contractual obligations and improvement of conditions were the main objectives in the tender for the syndicated loan," explains Ute Meyer, Head of Treasury, who was responsible for the entire refinancing process.
"With the new syndicated loan, we are increasing our financial capacity and internationalizing our financing partners. This means that we are well equipped for the further implementation of our global growth strategy," underlines Markus Unterstein, CFO of the HAWE Group.