Dr. Michael Josenhans

Global law firm Freshfields has advised Kartesia Management S.à r.l and affiliated funds on a hybrid financing to support the continued growth of AndCompany, a portfolio company of Rigeto Unternehmerkapital. Kartesia is a privately owned European asset manager specialised in private corporate lending, providing tailor-made long-term liquidity and credit solutions to European-based lower mid-market borrower. Rigeto Unternehmerkapital is a Munich-based family office and co-investor founded in 2013 focussing on medical technology, healthcare, business services as well as software and security. The hybrid financing solution is intended to support AndCompany GmbH’s continued growth and to further advance its buy-and-build strategy, which focuses on combining specialised IT consulting and software expertise under a house-of-brands model. The Freshfields team was led by Partner Michael Josenhans and further consisted of Counsel Alexander Pospisil, Principal Associate Hannes Butz and Associates Alexander Bräuer (alle Finance, Frankfurt) and Faras Mirhoseiny (Corporate/M&A, Berlin) as well as Research Assistant Serra Onal. Freshfields has previously advised Kartesia on the financing of a share purchase in FormMed Group.

Jan 23

1 min

Two cross-border teams have contributed chapters of Global Restructuring Review (GRR) Americas Restructuring Review 2025. The GRR Restructuring Review is a collection of insights and thought leadership to build a global outlook on the world of restructuring and insolvency. Learn more about our chapters below: Capital Solutions Financings: Yield Driving Structure In this chapter, our lawyers explore some of the typical deal structures for capital solutions financings (including relevance in certain non-US jurisdictions), various ways in which yield is captured in debt focused capital solutions instruments and briefly conclude with a few thoughts on the vulnerability of call protection and related concepts. This chapter was drafted by New York-based partners Damian Ridealgh, Mark Liscio, and Andrea Basham, Milan-based partner Francesco Lombardo, Frankfurt-based partner Michael Josenhans, and London-based partner Ken Baird. To read the chapter online, click here. EU Adaptation of Important Chapter 11 Provisions Chapter 11 has been a model and a vision for the EU restructuring community for the past 20 years. Following the enactment of the EU Restructuring Directive in 2019, nearly all EU member states have moved to implement the Directive. This includes the Netherlands, France, Germany and Spain, which have all adopted insolvency and restructuring laws with many of the same features of Chapter 11. The United Kingdom has also enacted a new restructuring process that possesses many of these familiar Chapter 11 features. This chapter compares a number of these new laws with their US Bankruptcy Code counterparts. This chapter was drafted by London-based partner Ken Baird and counsel Katharina Crinson, New York-based partner Mark Liscio and counsel Samantha Braunstein, Amsterdam-based partner Michael Broeders, Hamburg-based partner Marvin Knapp, Paris-based partners Laurent Mabilat and Guilhem Bremond, Madrid-based partner Ana López, and knowledge lawyer Silvia Angós. To read the chapter online, click here.

Dec 20

1 min

Global law firm Freshfields has advised Nemetschek Group on its inaugural Schuldschein placement (privately placed debt governed by German law) in an aggregate amount of €300m of capital from international institutional investors. The Schuldschein placement comprises tranches with respective maturities of 3 and 5 years. This is the first ever Schuldschein transaction for Nemetschek, a global provider of software solutions for the construction and media industry. It gives the group increased access to international institutional investors and is diversifying its sources of financing. The placement has been arranged by Bayerische Landesbank and UniCredit. The Freshfields team was led by Partner Michael Josenhans and Principal Associate Dennis Chinnow (both Finance, Frankfurt). The team has recently advised Nemetschek on a €500m syndicated loan and on the financing of its acquisition of GoCanvas Holding (USA).

Dec 9

1 min

Global law firm Freshfields has advised TNG Glasfaser GmbH, one of the leading companies for the expansion of fibre broadband networks in Germany, on an agreement to secure an additional €175m of debt commitments (accordion facility) under its existing financing package. This new financing supports TNG on its fibre-to-the-home (‘FTTH’) deployment in rural and suburban areas across Germany. The secured debt financing of €175m is in addition to the existing debt financing facilities of €325m signed in November 2022 that included an increase option of €150m. TNG received substantial support from both existing and new lenders, including an institutional investor, National Australia Bank, KfW, and Kommunalkredit, resulting in an oversubscription of the transaction. In addition, TNG receives a further increase option of €100 million. The debt package is complemented by additional equity commitments from ICG Infra, TNG’s majority shareholder. TNG, based in Kiel, was established in 1997 and has since grown into a prominent supra-regional FTTH provider in Germany, with a current reach of over 250,000 homes passed. The ICG Infra team manages c.€3.4bn in Europe and seeks to partner with successful management teams and founders to provide growth capital to mid-market businesses across the energy transition, digital and mobility sectors. The Freshfields team was led by Partner Michael Josenhans and also included Principal Associate Laura Korndörfer and Associate Valentina Niegisch (all Finance, Frankfurt).

Dec 4

1 min

Global law firm Freshfields has advised Takko Fashion GmbH and its shareholders on all aspects of the comprehensive refinancing of its existing debt through the issuance of €350m senior secured high yield bonds and a new €203m revolving credit facility. Takko is a leading European vertically integrated discount fashion retailer based in Germany, with around 1,950 stores in 17 European countries and almost 18,000 employees. The multi-jurisdictional cross-practice Freshfields team included the leveraged finance and capital markets groups across Germany, England, the Netherlands and Austria and was led by Partners Simone Bono (High Yield, London), Mario Hüther and Michael Josenhans (both Leveraged Finance, Frankfurt). They were supported by Counsel Anouschka Zagorski (Finance, Vienna), Senior Associate Shruti Dusaj (High Yield, London), Principal Associates Andreas Thümmler (Leveraged Finance, Frankfurt), Simon Fitzpatrick (Finance, Vienna), Laura Korndörfer (Leveraged Finance, Frankfurt), Associates Enzo Paganetti, Ahmed Yacout Saleh (both High Yield, London) and Trainee Solicitor Georgina Baker (London).

Dec 18

1 min