Clifford Chance Advises Bank Syndicate on $300 Million Refinancing of the Flatiron Group

Clifford Chance advised the bank syndicate headed by Mizuho and Crédit Agricole Corporate and Investment Bank on the USD 300 million syndicated letter of credit and revolving credit facilities agreement for the Flatiron Group.

The Flatiron Group is part of the North American operations of the HOCHTIEF Group. The new German law governed facilities agreement refinances the existing facilities agreement and supports the US and Canadian business of Flatiron with access to letters of credit and revolving loans in connection with their construction business and is provided by a syndicate consisting of European and US banks.

Clifford Chance has been regularly advising the banks on transactions involving the HOCHTIEF Group, including the EUR 1.7 billion syndicated revolving guarantee and revolving credit facilities agreement for HOCHTIEF in 2017 and the financing for the successful takeover bid of the Spanish Abertis group in 2018.

The Clifford Chance team comprised partner Bettina Steinhauer, senior associate Christoph Nensa and transaction lawyer Stefanie Vogt (all Banking & Finance, Frankfurt). They were assisted by colleagues from the New York office and local Canadian law firm Blakes, Cassels & Graydon LLP who provided valuable input in adapting the new facilities agreement to the characteristics of the North American market.