HEUKING advises Volkswagen Financial Services on a EUR 6 billion syndicated loan facility

A Frankfurt-based HEUKING team led by Michael Neises has advised Volkswagen Financial Services on a syndicated loan of EUR 6 billion. The syndicated loan agreement was entered into under German law. Duane Morris was retained by Heuking to advise under English law.

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG and its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of TRATON Financial Services and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management, and mobility services. The companies of Volkswagen Financial Services have a total of 18,171 employees worldwide – including 7,691 alone in Germany. Volkswagen Financial Services report total assets of around EUR 268 billion, an operating profit of EUR 3.25 billion, and a portfolio of around 22.2 million current contracts (as at: 31.12.2023)

Counsel to Volkswagen Financial Services
HEUKING:
Michael Neises (Lead),
Christian Staps (both Banking & Finance), both Frankfurt

Additional counsel to Volkswagen Financial Services (English law)
Duane Morris, London:
Ute Müller,
Natalie Stewart