Here are some of our most recent case studies. Please feel free to contact us if you have any further questions.
Key data
- Sector: multinational corporation in the international food industry in the USA
- Rating: BBB
- M&A process of food company in EU (Brazilian company) in Summer 2019 – asset deal
- Volume: USD 1.5 billion facility
- Surety: 3 sureties bilateral
Situation
- [CASE #1] had no equity or companies in EU
- Difficulties to create an indemnity
- Mistake in the SPA: all indemnities had to go back to a Brazilian company before closing
- Deadline for the deal – 3 weeks
Issue
- gracher came on board 3 weeks before closing the deal
- [CASE #1] took over all facilities from a Brazilian company
- 3 new facilities were created for the newly established company, which came into force with closing
- A document was handed over to a Brazilian company – containing that in the event of closing all indemnities were worthless
- All outstanding bonds were transferred into the new facility with closing
- Compliance certificate for closing did not exist in the USA
Key data
- Sector: Renewable Energy industry
- Ownership: public traded company
- Rating: BB+/BBB-
- Timeline: Summer/ Autumn 2021
- Volume: EUR 320 million
- Surety: 5 sureties bilateral
- Countries: worldwide (USA, NL, GER, UK, Spain)
Issue
- Same tenor like bank consortium
- ESG link – grid to ESG rating
Key data
- Sector: engineering, construction and services company for the offshore energy industry
- Rating: BBB
Situation
- Order: USD 500-700 million (April 2020 corona pandemic)
- Volume: 10% Performance Bond
- Surety: Consortium – 2 sureties: 50%/50%
- Beneficiary: Petrobras, Brazil
Issue
- Maturity 4.5 years – most banks can go up to 3 years only
- Oil sector – ESG, problem for many banks
- Brazil – banks and sureties have full plafonds for Brazil
- Timeline: 3 weeks; 15 people have been working 24/7
- Legal advise to Petrobras for the bond wording
- Separate indemnity for the daughter in Brazil
- To solve all tax issues
Key data
- Sector: Oil and Gas
- Ownership: Private
- Rating: BB
- Countries: UK, Norway
- Volum: USD 100 million
- Surety: 2 bilateral – one Bond
Situation
- Timeframe: Winter 2019 – Autumn 2021
- Bond: DSA, Tariffs for pipelines
Issue
- ESG (Oil)
- Rating
- No mother indemnity
- Wording indemnity
Key data
- Sector: Oil and Gas exploration
- Ownership: Three large private equity companies
- Rating: BB-
- Volume: USD 150 million
- Bond: DSA, decommission bonds
- Countries: GER, UK, NL
- Surety: 3 sureties bilateral
Issue
- Oil/Gas – ESG issue
- Pricing
- Rating
- Complex indemnity structure
Key data
- Sector: mechanical engineering
- Rating: BB
- Volume: USD 150 million facility in USA
- Timeline: from 2015 until today
Issue
- Main contract with US Surety + EU indemnity
- gracher has 20 clients of this kind in USA/Canada.
Key data
- Sector: Cosmetic industry
- Ownership: Private Equity and investment advisory firm
- Rating: CCC+
- Volume: EUR 20 million for performance bond
- Timeline: April 2021
- Surety: 1 single surety
Issue
- Rating CCC+
- Sector
- Restructuring case
Key data
- Sector: Shipbuilding
- Ownership: Private
- Rating: nr (April 2020)
- Order: advance payment bonds for a Post-Panamax cruise ship
- Volume: EUR 150 million facility
- Surety: consortium two sureties 60%/40%
Situation
- Corona crisis in April 2020 hit the cruise industry hard
- The cruise market has been brought almost to a standstill.
Key data
- Sector: real estate investment company
- Ownership: Publicly traded
- Rating: BB-
- Order: EUR 800 million project
- Beneficiary: Pension fund
- Facility: EUR 300 million
- Surety: 2 sureties bilateral + consortiumm
Situation
- Bond: 10% Performance Bond, volume EUR 80m
- Ad hoc-fronting with 3 sureties
- Timeline: 2019
Issue
- Volume
- Rating BB-
Key data
- Sector: online sports betting and casinos
- Ownership: Private Equity
- Rating: B
- Countries: EU wide
- Bond: License Bond
- Surety: 2 sureties 80/20
Situation
- Volume: EUR 100+ million during corona pandemic
- Timeline: June 2020 + Autumn 2021
Issue
- Malta
- Rating B
- Gaming Industry
Key data
- Sector: design and construction of façades and building envelopes
- Ownership: Private, 100% [CASE #11]
- Rating: A-
- Surety: US surety – USD 150 million
Situation
- Order: USD 50 million = one contract of USD 50m;
one labor bond + one material bond of USD 50m each
in total: USD 100m in 2 bonds for one single USD
Issue
- Timeline: 4 Weeks
- No ultimate parent indemnity possible
- Main facility – German law
- US Indemnity – US law
- Bond size does not fit to the revenues of [CASE #11]
- Pricing: 1/3 of all EU offers
- Offer: File rate
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These contents are currently being edited. They will appear here shortly.
These contents are currently being edited. They will appear here shortly.