Deutsche Bank’s Trust & Agency Services (TAS) acted on Advent’s and Cinven’s leveraged buyout of thyssenkrupp Elevator. The private equity companies completed their acquisition of the business in July following regulatory approvals.

The TAS team facilitated the issuance of 5 tranches of notes via the clearing systems totalling €2.25bn and $2bn in size, acting as trustee, paying agent and escrow agent. The deal also included the private placement of 4 notes totalling USD$2bn and €850m which issued outside of the clearing systems with 80+ investors and over 100 payments at closing.

This represents the largest LBO transaction in 2020 to date.

“We are delighted to have supported this complex and successful transaction for both the sponsors and thyssenkrupp AG”, comments Jason Connery, Head of TAS EMEA at Deutsche Bank.