Gleiss Lutz has advised United Internet AG on refinancing of its existing syndicated loan facility. The new financing arrangement consists of term loans for United Internet AG and revolving credit facilities for United Internet AG and its subsidiary 1&1 Drillisch Aktiengesellschaft. Gleiss Lutz also advised 1&1 Drillisch Aktiengesellschaft on the conclusion of a new syndicated loan.
The financing comprises independent syndicated loan facilities each with a volume of one billion euros and is provided by European banking groups.
United Internet is one of Europe's leading internet specialists, boasting brands such as 1&1 Drillisch, GMX and WEB.DE, 60 million customer accounts and employing a workforce of approx. 9,000 people.
Listed 1&1 Drillisch AG is one of Germany’s largest network-independent telecommunications providers. Its extensive offering includes broadband and mobile telephone services. Drillisch mainly markets postpaid and prepaid products on Telefónica and Vodafone networks as well as landline and broadband products and associated applications (such as home networking, online storage, telephony, video on demand or IPTV services).
Gleiss Lutz has advised United Internet frequently in recent years on financing issues, including its acquisition of Versatel, the purchase of a minority interest in Rocket Internet, as well as the subsequent refinancing by means of a promissory note loan. Gleiss Lutz has also acted for United Internet on financing the original purchase of Drillisch AG.
The following Gleiss Lutz team advised United Internet on the financing for United Internet and 1&1 Drillisch: Frank Schlobach (lead, partner, banking and finance, Frankfurt) and Patrick Reuter (banking and finance, Frankfurt).
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