Shearman & Sterling advised Elster Group SE (NYSE: ELT), one of the world's largest electricity, gas and water measurement and control providers, on its €840 million refinancing. The transaction comprised €590 million multicurrency revolving credit and bank guarantee facilities and the issuance of €250 million of 6.25% senior unsecured notes due 2018. The net proceeds from the offering of the notes, together with initial drawings under the new credit facilities and cash on hand, were used to repay all outstanding amounts under the company's existing senior facilities agreement.

The Shearman & Sterling team was led by Frankfurt capital markets partner Marc Plepelits and Munich finance partner Winfried Carli. They were assisted by associates Jonathan Handyside (Frankfurt-Capital Markets) and Odilo Wallner (Frankfurt-European Finance) and Axel Korth and Matthias Laier (both Munich-European Finance). Several Shearman & Sterling lawyers from the firm’s offices in London, New York, Paris, San Francisco and Washington D.C. advised on local law matters, including finance partners Iain Goalen (London), Pierre-Nicolas Ferrand (Paris) and Steven Sherman (New York), Of Counsel Danforth Newcomb (New York-Litigation) and finance associates Tersia Pillay (London), Romain Rabillard (Paris) and Nathan Wood (San Francisco). Partners Johannes Frey, Iain Scoon and Michael Shulman, counsel Sanjeev Magoon and associates Norbert Mückl, Marc Sälzer and James Leslie provided tax advice.