Carsted Rosenberg LLP Advises onHeidelberger Druckmaschinen AG EUR 340Million RefinancingPress Release • Feb 21, 2014 09:00 CET

Heidelberger Druckmaschinen AG has further optimised its financing structure by extending its existing

syndicated credit line ahead of term. Lead by global law firm Clifford Chance, Frankfurt, as global lead counsel,

Carsted Rosenberg acted as local counsel for Denmark for Heidelberger Druckmaschienen AG on the EUR 340

million revolving credit facility provided by a consortium of banks, with Deutsche Bank Luxembourg S. A. as

facility agent.

Heidelberger Druckmaschinen AG, is a worldwide enterprise based in Heidelberg, Germany, and one of the

leading manufacturers of sheetfed offset printing machines. The company has a worldwide market share of

more than 47% in this area and is the largest global manufacturer of printing presses. Sheet-fed offset printing

is used predominantly for high-quality, multi-colour products, such as catalogues, calendars, posters, and

labels. Heidelberg produces equipment for prepress, press and postpress, and is the only company that does

so in the world.

"By successfully refinancing our credit line, we have made further significant progress in optimizing our

financing structure. We have extended the terms of our key financing pillars to 2017 and 2018," said Heidelberg

CFO Dirk Kaliebe. "Thanks to our asset and net working capital management, the company's net financial debt

remains at a low level. In the medium term, we intend to reduce our debt even further."

BNP Paribas, Citi, Commerzbank Aktiengesellschaft, Deutsche Bank AG and Landesbank Baden-Wurttemberg

acted as mandated lead arrangers and book runners. The syndicated credit line was extended ahead of term

until mid-2017 by the existing banking consortium lead by Deutsche Bank and comprising of Bank of America,

BNP Paribas, Citigroup Global Markets, Commerzbank, Deutsche Bank, DZ Bank, KfW-IPEX-Bank, HSBC

Trinkaus & Burkhardt, Landesbank Baden-Württemberg, Portigon and SEB acting as lenders, thereby

furthering diversifying the financing structure of Heidelberger Druckmaschinen.

Clifford Chance, New York, Clifford Chance, London, Clifford Chance, Amsterdam, Clifford Chance, Paris,

Clifford Chance, Singapore, Clifford Chance, Tokyo, Clifford Chance, Hong Kong, Fasken Martineau DuMoulin,

Toronto, King & Wood Mallesons, Sydney, Wolf Theiss, Vienna and Carsted Rosenberg, Copenhagen all acted

as local counsels to Heidelberg led by the Clifford Chance banking team in Frankfurt.

The bank syndicate was advised by White & Case, Munich as global lead counsel and White & Case, New York,

White & Case, London, White & Case, Paris, White & Case, Hong Kong, White & Case, Tokyo, Nauta Dutilh,

Amsterdam, Stiekmann Elliott, Toronto, Schönherr, Vienna, Allens Arthur Robinson, Sydney and Gorrissen

Federspiel, Copenhagen as local counsels.

Carsted Rosenberg LLP is an international law firm with offices in Copenhagen and Frankfurt that specialises in

cross-border banking & finance, capital markets, mergers & acquisitions and corporate and commercial

matters.

For further information please visit www.carstedrosenberg.com

Contact: Michael Carsted Rosenberg