Munich, October 23, 2025 – The commercial law firm Gütt Olk Feldhaus has advised Muehlhan Holding GmbH on the refinancing of its existing loan portfolio by issuing a senior secured bond under a Nordic Bond format (ISIN: NO0013682542) with a volume of up to EUR 400 million, taking over the coordination of the seven jurisdictions involved, including, in Norway, Denmark and Cyprus.
As part of the issue, EUR 250 million was initially successfully placed with institutional investors. A listing on the over-the-counter market of the Frankfurt Stock Exchange is planned; the bond will then also be listed on the Oslo Stock Exchange (Oslo Børs). The net proceeds of the issue will be used to refinance existing financial liabilities, to finance acquisitions and for general corporate purposes.
The transaction was advised by Danske Bank A/S NUF and Pareto Securities AB as joint managers.
The Muehlhan Group offers services in two main areas: Industrial Services and Wind Services. In the field of wind services, Muehlhan Wind Service (MWS) is one of the world's leading independent full-service providers for the installation, operation and maintenance of wind turbines. The Industrial Services division combines expertise in various industry segments, including surface treatment, maintenance and repair in the maritime sector – from luxury yachts to tankers. With around 3,000 employees, an annual turnover of over 500 million euros and around 20 locations in Europe, the United Kingdom, Australia, East Asia, the USA and Canada, the Muehlhan Group operates internationally and manages projects in more than 35 countries.
Gütt Olk Feldhaus has been advising the (previously listed) Muehlhan Group on financial law issues since 2017.
Legal advisors to Muehlhan Holding GmbH:
Gütt Olk Feldhaus, Munich: Dr. Tilmann Gütt, LL.M. (London) (Partner, Banking/Finance, Lead), Hans-Joachim Englert (Senior Associate), Katharina Pröbstl, LL.M. (London) (Senior Associate) (both Banking/Finance)
Roschier, Sweden: Niklas Eriksson (Partner, Banking/Finance) Advising on the Norwegian aspects of the transaction
Chrysses Demetriades & Co LLC, Cyprus: Marion Coukidou-Madella (Partner, Banking/Finance) Advising on the Cypriot aspects of the transaction
Kromann Reumert, Denmark: Peter Kirkehei Qvist (Partner, Banking/Finance) Advising on the Danish aspects of the transaction
In-House Team
Muehlhan Holding GmbH, Hamburg: Thorsten Hell (CFO), Frank Körber (General Counsel)
About Gütt Olk Feldhaus:
Gütt Olk Feldhaus is a leading international law firm based in Munich. We provide legal advice on all aspects of commercial and corporate law. We focus on corporate law, M&A, private equity and financing. We also handle litigation in these areas.
