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Freshfields advises Siemens Energy on the conclusion of a "guarantee package" and on measures strengthening balance sheet
Global law firm Freshfields Bruckhaus Deringer ("Freshfields") has advised DAX 40 listed Siemens Energy AG ("Siemens Energy") comprehensively from a corporate, finance, state aid and tax law perspective on the conclusion of a "guarantee package" with a consortium of banks and the German government and a related partial sale of its interest in the Indian company "Siemens Limited" ("SIL").
For long-term projects, Siemens Energy AG is dependent on certain guarantees for advance payments, performance or warranty guarantees. Under the agreements with the consortium of banks and the German government, Siemens Energy AG has secured guarantee lines totalling EUR 12 billion. EUR 11 billion will be provided by a consortium of banks under a guarantee facility, for which the German government will provide a proportional guarantee in the amount of EUR 7.5 billion. The remaining EUR 1 billion will be provided by another consortium of banks led by Deutsche Bank. The theoretical default risk under this line is covered by structured loss protection of up to EUR 1 billion.
As part of the agreements, Siemens Energy AG now intends to sell 18% of its shares in the Indian company SIL to its majority shareholder Siemens AG for a purchase price of approximately EUR 2.1 billion in order to strengthen its balance sheet.
In addition, Siemens Energy AG and Siemens AG have agreed on a structure that covers the theoretical default risk of the guarantees by accessing a first loss amount of up to EUR 1 billion. This amount is collateralised by a block of shares as well as agreed payment deferrals.
The Freshfields team was led by partners Dr. Stephan Waldhausen (Corporate/M&A, Düsseldorf), Dr. Simon Schwarz (Corporate/M&A, Frankfurt), Dr. Frank Laudenklos (Finance, Frankfurt), Dr. Andreas von Bonin (Antitrust, Brussels) and principal associate Dr. Mesut Korkmaz (Corporate/M&A, Düsseldorf).
They were supported by partners Dr. Philipp Redeker (Tax, Düsseldorf), Dr. Christian Sistermann (Tax, Munich), Eelco Van Der Stok (Tax, Amsterdam), Dr. Lars Westpfahl (Restructuring, Hamburg), Michael Broeders (Restructuring, Amsterdam), counsel Judit Gajdics (Corporate/M&A, Munich), Jan-Philip Wilde (Restructuring, Hamburg), Alexander Ruschkowski (Capital Markets, Frankfurt), Dr. Janina Heinz (Regulatory, Frankfurt), Dr. Peter Stark (Tax, Frankfurt), Dr. Justus Anacker (Corporate/M&A, Düsseldorf) and Tim Elkerbout (Finance, Amsterdam) as well as principal associates Dr. Dennnis Chinnow (Finance, Frankfurt), Dr. Julian Siller (Tax, Munich) and Dr. Christoph Becherer (Corporate/M&A, Berlin).
The team also included the associates Finn Poll-Wolbeck (Corporate/M&A, Düsseldorf), Marc Philipp Lebioda (Corporate/M&A, Munich), Dr. Burak Firat (Corporate/M&A, Berlin), Hannes Butz (Corporate/M&A, Frankfurt), Laura Korndörfer (Finance, Frankfurt), Jonas Levermann (Antitrust, Brussels), Dr. Rebecca Hettich (Corporate/M&A, Frankfurt), Viktoria von Abel (Tax, Frankfurt), Antonius Gehringhoff (Corporate/M&A, Berlin) and Merel Van Essen (Tax, Amsterdam).
Inhouse at Siemens Energy AG, the project was supported on the legal side by Dr. Ilkin Karakay (General Counsel), Dr. Christian Zentner (Head of Corporate/M&A), Dr. Lars Stelling (Head of Legal M&A, Antitrust & Regulatory), Christian Kallenbach (Senior Legal Counsel), Jörn Eickhof (Head of Legal Competition & Regulatory), Dr. Elke Wachenfeld-Teschner (Head of Capital Markets & Shareholdings), Dr. Michael Hölzl (Head of Tax), Nadin Beatrix Fink (Vice President / Head of Group Tax) and Dr. Stefan Höhns (Siemens Gamesa Renewable Energy, General Counsel).
