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CMS advises GFKL on issue of high-yield bond to finance the acquisition of GFKL by Permira

17/08/2015

Frankfurt/Main – A high-yield bond worth EUR 365 million was issued in conjunction with financing the acquisition of GFKL Financial Services Aktiengesellschaft (GFKL) by private equity investor Permira.

Luxembourg-based holding company Garfunkelux Holdco 3 S.A. issued senior secured notes totalling EUR 365 million with a coupon of 7.5%. The bond was placed almost three weeks after completion of the purchase agreement between the Permira funds and the former majority owner, Advent International, for the purpose of refinancing the bridge facility initially used to (part-)finance the acquisition. The bond is listed on the Euro MTF Market (Multilateral Trading Facility) of the Luxembourg Stock Exchange.

A team led by lead partners Oliver Dreher and Dr Marcel Hagemann advised GFKL Financial Services Aktiengesellschaft (GFKL) in connection with the issuing of the high-yield bond. The highly specialised CMS team's work on this matter highlights its outstanding expertise in providing high-end advice to demanding corporate clients on key issues relating to corporate law and finance.

GFKL is a leading provider of accounts receivable management in Germany. Around 950 employees manage receivables currently amounting to some EUR 16.4 billion. GFKL focuses primarily on retail groups, banks, insurance companies, energy providers, telecommunications firms and public institutions, as well as SMEs.

CMS Hasche Sigle

Oliver Dreher, Capital Markets and Finance, Lead Partner
Dr Marcel Hagemann, Corporate and M&A, Lead Partner
Philipp Melzer
Orna Freifrau von Fürstenberg, both Capital Markets and Finance
Markus Pfaff
Roman Gaitzsch, both Finance
Christoph Ludwig, Corporate and M&A
Dr Wolfgang Richter, Stock Corporation Law

Press Contact
presse@cms-hs.com

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CMS advises GFKL on issue of high-yield bond to finance the acquisition of GFKL by Permira
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