Eversheds Sutherland advised BNP Paribas and BayernLB on SEFE refinancing

We have advised BNP Paribas and Bayerische Landesbank (BayernLB) on the refinancing of SEFE Securing Energy for Europe GmbH (SEFE), marking a further step in the company’s transition to market-based financing. Eversheds Sutherland advised BNP Paribas as documentation agent in relation to a new five-year EUR 2.0 billion revolving credit facility and BayernLB as facility agent on the amendment and restatement of an existing EUR 1.8 billion term loan facility. Both transactions completed on 2 April 2026.

The refinancing enabled SEFE to fully and voluntarily exit its remaining KfW liquidity support, replacing state-backed funding with broadly syndicated bank financing. The new revolving credit facility attracted strong demand from international lenders.

The transactions form part of SEFE’s continued financial stabilisation and its longer-term path towards privatisation, currently targeted for completion by the end of 2028. Our international team was led by Dr. Torsten Volkholz and Daniel Ehret, supported by Christopher Williams, Mirjam Goss Kudo, Maren Raband, Vanessa Flato and Konstantin Ecker.