Deals & Cases

Homburger advised dormakaba Group on its CHF 525 m syndicated credit facilities linked to sustainability targets

Homburger advised dormakaba Group (SIX: DOKA) in a new five-year CHF 525 m syndicated credit facilities agreement with Zürcher Kantonalbank as coordinator, agent and lender and an international consortium of banks consisting of BNP, Credit Suisse, Deutsche Bank, HSBC, SEB, UBS and Unicredit (Sustainability Coordinator). As a key component of the credit facilities agreement, the financing costs are linked to the fulfilment of defined sustainability key performance indicators (KPI) relating to environmental, social and corporate governance criteria (ESG). In addition, the credit facilities agreement is the first in Swiss syndicated loan market that contains an in-built switch mechanism to reference Compounded SARON as near risk-free rate (RFR).

Bernd Brinker, CFO of dormakaba Group, commented the transaction as follows: “We are pleased that, even against the background of the Covid-19 pandemic, we have already now been able to successfully refinance the credit facility that expires next spring and to thereby achieve again contract improvements. By including interest rate-relevant sustainability objectives, we reinforce in close collaboration with our banks our strategic goals and show our commitment to fulfil important ESG criteria.”

Homburger advised dormakaba Group with regard to all legal aspects of the transaction. The Homburger team was led by associate David Borer and partner Hansjürg Appenzeller (both Financing and Investment Products) and included counsels Eduard De Zordi and Lee Saladino (both Financing and Investment Products) as well as partner Stefan Oesterhelt (Tax).