Milbank LLP has advised HENSOLDT AG (“HENSOLDT”) on the comprehensive refinancing of its financing structure, including the release of all existing collateral. The new €1.8 billion syndicated financing consists of a term facility, a bridge facility and two revolving credit facilities. By transitioning from secured facilities to an unsecured financing, HENSOLDT has taken a major step towards achieving an investment-grade financing. This shift marks a departure from the leveraged buyout financing structure previously shaped by private equity ownership and reflects the Group’s strong performance and solid positioning in the capital markets.
Headquartered in Taufkirchen near Munich, Germany, HENSOLDT is a globally positioned technology company specializing in defense and security electronics. With a long-standing track record in developing and manufacturing sensor solutions for defense, aerospace and security applications, the company plays a key role in protecting armed forces and critical infrastructures worldwide. In addition, HENSOLDT continues to expand its cyber portfolio and is developing innovative technologies to counter a wide range of threats—leveraging advanced capabilities in data analytics, robotics and cybersecurity. With operations and partnerships in Europe, North America, Asia and Africa, HENSOLDT combines high-end engineering with a strong commitment to innovation, sovereignty and strategic independence.
The Milbank team advising HENSOLDT on the refinancing was led by partner Thomas Ingenhoven and included special counsel Thomas Möller and associate Robin Braun and Adrian Müller-Achenbach (all Finance, Frankfurt). Additionally, tax matters were handled by partner Thomas Kleinheisterkamp (Munich), while capital markets aspects were advised on by partner Philipp Klöckner (Frankfurt) and special counsel Nico Feuerstein (Munich).
