Latham & Watkins Advises on €1.8B Loan for SEFE.

Latham & Watkins LLP has provided legal counsel to a bank consortium, led by Crédit Agricole Corporate & Investment Bank and ING Deutschland, on a €1.8 billion syndicated term loan for SEFE Securing Energy for Europe GmbH (SEFE), an international energy company.

This transaction is pivotal in SEFE’s financial transformation and green energy initiatives.

The loan will be used to:

• Refinance liabilities related to SEFE’s recently acquired gas transport activities from WIGA.
• Fund general corporate purposes and investments in future energy transport projects.

This loan also marks SEFE's return to the commercial banking market and is a vital step toward its planned re-privatization.

The syndicated term loan was supported by a consortium of 22 banks, demonstrating the scale of the transaction.

Dr. Egbert Laege, CEO of SEFE, emphasized the company’s commitment to the green energy transition:

"SEFE, as the sole shareholder of WIGA, will ensure that GASCADE can convert existing infrastructure to hydrogen in the future. This is key in driving the green energy transformation."

The company intends to focus on hydrogen infrastructure, with GASCADE and NEL, subsidiaries of WIGA, continuing to operate independently and transparently in the market.

As part of the deal, SEFE will acquire a 50.02% stake in WIGA from its joint venture partner, Wintershall Dea AG. To facilitate the acquisition, the Federal Government approved an amendment to SEFE’s recapitalization plan, which was also state aid approved.

Latham & Watkins team advising on the deal was led by Sibylle Münch, Frankfurt Finance Partner, and Ralph Dräger, Counsel. The team also included Alexandra Hagelüken, with additional support from Joachim Grittmann (regulatory matters) and Ulf Kieker (tax matters).

This €1.8 billion loan is a crucial financial step as SEFE transitions to a green energy-focused company. By expanding into hydrogen infrastructure, SEFE is not just reshaping its financial model, but also contributing to Europe's energy transformation.

As Latham & Watkins continues to advise high-profile clients in the energy sector, this deal showcases the firm's expertise in managing complex financing transactions.

SEFE Securing Energy for Europe GmbH (SEFE) is a German energy company focused on gas and hydrogen transport infrastructure. SEFE is dedicated to enhancing Europe’s energy security and supporting the green energy transition. The company plays a key role in gas transport, with a growing emphasis on hydrogen solutions, and is actively pursuing re-privatization.

Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy.

Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.

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