DC Advisory acts as the exclusive financial advisor to profine Group on its €340 m debut bond issuance & €40 m revolving credit facility

Background

• profine Group is a leading privately-owned producer of energy efficient, premium quality PVC window and door profile systems and solutions. profine Group markets its products to over 100 countries under the internationally recognized brands Kömmerling, KBE and Trocal
• Since the acquisition of the Group in 2012, Dr. Peter Mrosik, together with his excellent management team, have successfully built up the Group and reported net sales of €690m for the 12 months ending on March 31, 2020. The Company operates 29 production facilities in 22 countries with approximately 3,000 employees
• profine Group was seeking to replace its existing capital structure with a long-term debt financing package, to accelerate the Group’s growth. DC Advisory acted as the exclusive financial advisor on this comprehensive refinancing

Process

• DC Advisory ran a competitive, multi-layered financing process with a select number of international investment banks, private debt funds and commercial banks
• Interest was generated from several global debt funds and international investment banks for the term loan refinancing. The operating financings were raised in parallel and needed to be tied into the term loan refinancing
• Despite the impending COVID-19 pandemic, DC Advisory was able to work with J.P. Morgan and Morgan Stanley as Joint Bookrunners to successfully place profine Group’s €340 million senior secured notes
• DC Advisory retained incumbent lender Commerzbank to provide a new €40 million super senior revolving credit facility to support and grow the operating side of business

Outcome

• The placement of profine Group’s €340 m senior secured 2025 notes marks a milestone as first successful debut bond issuance in Germany since the start of the COVID-19 pandemic
• It moreover provides the Group with maximum flexibility and headroom to further pursue its international growth strategy
• This successful refinancing affirms DC Advisory’s ability to deliver on complex, multi-faceted refinancings — including bank, debt fund and capital market financing routes — even during global market turmoil

"This successful refinancing in a challenging financial market sets a cornerstone for profine Group to further pursue its international growth strategy going forward. Throughout the whole refinancing process, we experienced excellent support from the DC Advisory team and benefitted from their deep knowledge and extensive experience during all stages of the process."