Clearwater International has advised J.F. Hillebrand Group AG (Hillebrand) on its issuance of promissory notes for the refinancing of its bridge loan for the acquisition of Braid, as well as further corporate financings.
The promissory notes with tenors of up to seven years consist of multiple EUR and USD tranches with a balanced maturity profile. Hillebrand is the first company being able to place USD tranches in the promissory notes market with variable interest rates based on the new Secured Overnight Financing Rate (SOFR) replacing the expiring London Inter-Bank Offered Rate (LIBOR).
With this issuance, Hillebrand completed the refinancing process for its acquisition facility in the context of the Braid acquisition back in 2020. The new financing structure allows Hillebrand to pursue its operational and strategic goals in the upcoming years.
Hillebrand is the leading global player in the alcoholic beverage freight forwarding industry, operating primarily via ocean transport. Fully specialised, the company has an active presence in all major wine and spirits producing areas. Headquartered in Mainz, Germany, Hillebrand employs more than 2,700 people, and is present in more than 90 countries around the world.