Shearman & Sterling advised a consortium of banks on the refinancing of WITTE Automotive GmbH. The refinancing included a €125 million financing package provided by a consortium of already existing lenders as well as new banks.
WITTE Automotive, headquartered in Verlbert, Germany, is a global automotive supplier for locking and latching systems. The company employs 4,600 employees in five European countries and generated revenue of €595 million in 2016. With the refinancing, WITTE Automotive can pursue its future expansion plans due to the current borrower-friendly market conditions.