Hogan Lovells advises banks on the establishment of commercial paper programmes of the new Volkswagen Financial Services AG and Volkswagen Financial Services Overseas AG
Led by Frankfurt partner Dr Jochen Seitz, global law firm Hogan Lovells has advised Citigroup Global Markets Limited as arranger and other banks on the establishment of the commercial paper programme of Volkswagen Financial Services AG, Volkswagen Bank GmbH, Volkswagen Financial Services N.V., Volkswagen Finans Sverige AB (publ) and ŠkoFIN s.r.o. with a programme volume of EUR 7.5 billion as well as of the commercial paper programme of Volkswagen Financial Services Overseas AG and Volkswagen Finance Overseas B.V. with a programme volume of EUR 2.5 billion.
The programmes were established following the implementation of the corporate restructuring of the Volkswagen Financial Services AG, Volkswagen Bank GmbH and Volkswagen Financial Services Overseas AG as of 1 July 2024. As part of the new structure, a majority of the German and European companies will now be consolidated in the new financial holding company Volkswagen Financial Services AG supervised by the European Central Bank. Volkswagen Financial Services Overseas AG will manage the non-European financial services business. Both companies are wholly owned subsidiaries of Volkswagen AG.
Commercial papers constitute money market instruments with a maturity of up to 364 days that are tradeable as bearer bonds. In addition to notes represented by a global note, both commercial paper programmes also provide for the option of issuing electronic securities as central register securities in accordance with Section 4 (2) of the German Electronic Securities Act (eWpG).
Hogan Lovells team for the banks
Dr Jochen Seitz (Partner), Dr Stefan Schrewe (Counsel), Anna Hersener (Associate) (all Debt Capital Markets, Frankfurt);
Jens Uhlendorf (Partner, Corporate & Finance, Dusseldorf);
Aleksandar Dukic (Partner, Global Regulatory, Washington, D.C.).
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