Baker McKenzie has advised Zürcher Kantonalbank as coordinator, agent and lender and the other syndicate banks on the establishment of a new five-year CHF 525m syndicated credit facility for dormakaba Group (SIX: DOKA). The international bank syndicate consists of BNP Paribas, Credit Suisse, Deutsche Bank, HSBC, SEB, UBS and UniCredit (Sustainability Coordinator).
The facility agreement contains an in-built mechanism to switch the base rate from CHF LIBOR to Compounded SARON as near risk-free rate (RFR). This is the first time this mechanism was built into a credit facility agreement in the Swiss syndicated loan market. The switch to Compounded SARON will take place before the discontinuation of CHF LIBOR which is scheduled to take place at the end of 2021. In addition, the financing costs under the facility agreement are linked to the fulfilment of defined sustainability key performance indicators (KPI) relating to environmental, social and corporate governance criteria (ESG).
dormakaba group is one of the top 3 companies in its industry and globally leading in smart and secure access solutions. dormakaba is listed at the SIX Swiss Exchange, is headquartered in Rümlang (Zurich/Switzerland) and generated a turnover of over CHF 2.5 billion with around 15,000 employees in financial year 2019/20.
Baker McKenzie advised Zürcher Kantonalbank and the other syndicate banks on all legal aspects of the financing transaction. The Baker McKenzie team was led by Samuel Marbacher (Partner, Banking & Finance) and Philip Spoerlé (Senior Associate, Banking & Finance) and further comprised Andrea Bolliger (Counsel, Tax), Jan Röthlisberger (Associate, Banking & Finance) and Yannic Schönenberger (Junior Associate, Banking & Finance) in Switzerland, Oliver Socher (Partner, Banking & Finance) and Silke Fritz (Counsel, Banking & Finance) in Germany, and Jean-Francois Trapp (Partner, Banking & Finance), Alexis Bouvet (Senior Associate, Banking & Finance), Delphine Danhoui (Counsel, Tax) and Tiphanie Grzeszezak (Associate, Tax) in Luxembourg.