Clifford Chance

Clifford Chance advises Heidelberger Druckmaschinen Aktiengesellschaft on its high-yield offering

International law firm Clifford Chance advised Heidelberger Druckmaschinen Aktiengesellschaft ("Heidelberg") on its high-yield offering of EUR 205,400,000 8.000% senior notes, due in 2022. The proceeds of the transaction were used to partially redeem Heidelberg's existing 9.25% high-yield notes due in 2018. The offering is expected to further reduce financing costs for Heidelberg.

The new notes are listed on the official list of the Luxembourg Stock Exchange and were admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. Clifford Chance previously represented Heidelberg on its 2011 and 2013 issuances of high-yield notes.

The Clifford Chance High Yield practice is ranked by Chambers Global as one of the world's best – one of only 11 firms and the only non-US headquartered firm listed. The practice was also named High Yield Team of the Year at the 2015 IFLR Asia Awards.
Recent highlights include:

• US$10.7 billion financing of GTECH S.p.A.'s merger; 
• US$300 million issuance by Geely Automobile, the first HY by a Chinese automotive manufacturer; 
• US$175 million issuance by Indiabulls, the first HY by an Indian real estate company.

The team was led by Michael Dakin, a U.S. high-yield partner based out of the London office and Sebastian Maerker, a partner on the capital markets team based out of the Frankfurt office. Associates assisting on the offering were Claudia Kim and Lisa Wang, both based out of the London office and Peter Becker, based out of the Frankfurt office.