August 25, 2022 - Global law firm Dentons has advised Otto Group on its successful debut in the Schuldschein market.
Otto GmbH & Co KG issued a promissory note loan with a total volume of €382 million in the course of its debut issue on the Schuldschein market. The issue volume significantly exceeded its initial target of €200 million. Following a number of smaller pilot Schuldschein projects in the past, this is the first time that the Otto Group has placed a broadly marketed Schuldschein transaction.
The promissory note loan has maturities of three, five, seven and 10 years. More than 73 investors — mainly savings banks, cooperative banks and foreign commercial banks — subscribed to the tranches offered. BNP Paribas, DZ BANK and Landesbank Hessen-Thüringen acted as arrangers.
Otto Group is a leading international retail and services group with 30 major business units, primarily in Germany, the rest of Europe and the US. In the financial year 2021/2022, the Group generated total revenues of over €16 billion, and employed more than 43,000 people.
Partner Oliver Dreher, Head of the Debt Capital Markets (DCM) practice in Germany, led the Dentons team advising the borrower, assisted by associate Nadja Reiß in Frankfurt. The team regularly advises leading companies, banks and investors on international capital markets transactions.