Frankfurt—Global law firm Dentons has advised the Otto Group on its successful placement of a €240 million promissory note (Schuldschein). A Dentons team led by Frankfurt partner Oliver Dreher acted for the borrower. The placement was arranged by DZ Bank, ING, LBBW, and UniCredit.

Following its debut issue on the promissory note market in 2022, the Otto Group has again issued a broadly placed promissory note loan, this time with a total volume of €240 million. The promissory note loan has maturities of three, five, and seven years.

The originally targeted issue volume was more than doubled due to strong investor interest. In total, more than 30 national and international investors, primarily savings banks, cooperative banks, and foreign commercial banks, subscribed to the tranches offered.

The Otto Group is an international digital retail and services group primarily active in Germany, the rest of Europe, and the US. In the 2024/2025 fiscal year, the group generated total sales of €15 billion with more than 36,000 employees.

Oliver Dreher and his team regularly advise leading corporations, banks, and investors on international capital market transactions. The team also advised the Otto Group on its successful debut transaction in 2022.

Advisors to Otto Group:

Dentons: Oliver Dreher (Partner, lead), Sven Henneke (Associate), Luis Anton Michalzik (Project Manager Legal, all Frankfurt, all Capital Markets)

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