RENK €1,050m bank financing refinancing the 2025 notes
Redeem the €520m 5.75% senior secured notes due 2025 early, after the February 2024 IPO
Key terms
- Borrower or issuer
- RENK Group
- Date
- 20 Feb 2024
- Type
- Bank facility
- Amount
- €1.05bn (US$1.1bn)
- Pricing
- Floating; a large part of the term loan hedged to fixed for three years
- Maturity
- 2029-02-20
Recorded terms
- Structure
- €525m five-year term loan, €450m multi-currency guarantee facility and €75m revolving credit facility (undrawn) from a bank consortium
- Lenders and arrangers
- Consortium of banks (not named)
- Country
- Germany
Parties
- RENK Group borrower or issuer
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 19 Jan 2024 | KBR US$1.0bn term loan B (2024) | Bank facility | US$1bn |
| 30 May 2024 | V2X US$907m first lien term loan refinancing (2024) | Bank facility | US$906.6m |
| 24 Oct 2023 | RTX US$10bn bridge loan facilities for the accelerated share repurchase | Bank facility | US$10bn |
| 17 Sep 2024 | Huntington Ingalls Industries US$1.7bn revolving credit facility (2024) | Bank facility | US$1.7bn |
| 14 Jul 2023 | HEICO US$2.0bn revolving credit facility upsize (2023) | Bank facility | US$2bn |
More from RENK Group
| Date | Financing | Type | Amount |
|---|---|---|---|
| 28 Jul 2026 | RENK €1.05bn unsecured syndicated financing (2026) | Bank facility | €1.05bn |
M&A and investment involving RENK Group
| Date | Deal | Type | Value |
|---|---|---|---|
| 7 Feb 2024 | Renk IPO by private placement (Frankfurt) | IPO | €450m |
Sources
- RENK Group AG corporate news (EQS): successful refinancing and rating upgrade webdisclosure.com · 27 Feb 2024
About this record
Record DEF-2024-0020, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
