SR Technics announced its financing with Credit Suisse as lead arranger: the advisors

SR Technics Switzerland announced a CHF 145 m and CHF 120 m financing transaction with Credit Suisse (Switzerland) as mandated lead arranger and coordinator, agent, security agent and lender, a consortium consisting of Raiffeisen Schweiz Genossenschaft, Basellandschaftliche Kantonalbank and Basler Kantonalbank as lenders and the Swiss Confederation, represented by the Swiss Federal Department of the Environment, Transport, Energy and Communications, as surety provider. This transaction is a primer in the Swiss market, as it is the first syndicated bank financing granted in the context of the Covid-19 pandemic which is partially secured by a surety provided by the Swiss Confederation.

Headquartered in Kloten, SR Technics operates internationally as a provider of technical maintenance services for aircraft, components and engines. Just like the entire aviation industry, it was significantly affected by the economic repercussions of the COVID-19 pandemic. In order to ensure that Switzerland remains connected to the international air transport system, the Swiss Confederation supports the financing with a surety covering 60% of CHF 120 m Facility B.

The advisors

Homburger advised SR Technics with regard to all legal aspects of the transaction. The team was led by partner Jürg Frick (Banking and Finance – pictured right) and included associate David Borer (Banking and Finance) as well as partner Stefan Oesterhelt (Tax).

Baker McKenzie acted as sole legal advisor to the lenders. The team was led by partner Lukas Glanzmann (Banking & Finance, Restructuring & Insolvency – pictured left) and included senior associates Philip Spoerlé (Banking & Finance) and Markus Wolf (Banking & Finance, Restructuring & Insolvency), counsel Andrea Bolliger (Tax) and trainee lawyer Jan Lusti (Corporate, Banking & Finance).