Global law firm Freshfields has advised ZF Friedrichshafen AG and its subsidiaries on the refinancing of notes maturing in 2027 and 2028. Since February 2026, ZF has issued new euro and US dollar notes for this purpose and repurchased outstanding notes. In total, ZF issued notes with an aggregate principal amount of €1.75bn and $800m and repurchased notes with a principal amount of around €2.24bn in 2026.

The transactions include:

• February 2026: ZF Europe Finance B.V. drew down notes with an aggregate principal amount of €1bn under the Debt Issuance Programme. In the concurrent tender offer by ZF Finance GmbH, notes of around €778m were accepted for purchase.
• September 2026: ZF Europe Finance B.V. drew down notes with an aggregate principal amount of €750m under the Debt Issuance Programme. In the concurrent tender offer by ZF Europe Finance B.V. and ZF Finance GmbH, notes of €750m were accepted for purchase.
• October 2026: ZF North America Capital, Inc. issued notes of $800m. In the concurrent tender offer by ZF North America Capital, Inc., ZF Europe Finance B.V. and ZF Finance GmbH in reliance on the SEC’s new abbreviated tender offer relief, $800m of notes were accepted for purchase.

ZF is a global technology company supplying highly advanced dynamic systems for passenger cars, commercial vehicles and industrial technology. Its comprehensive product range primarily serves vehicle manufacturers, mobility providers and start-up companies in the fields of transportation and mobility.

Freshfields has advised ZF Friedrichshafen AG comprehensively and on an ongoing basis on financing and capital markets matters since 2014.

The Freshfields team was led by Partner Christoph Gleske and included Counsel Nikolaus Bunting, Principal Associate Birgit Schulz, Associates Vincent Buchta and Simon Cisneros (all Frankfurt) and Benedikt Graf (Vienna, all Capital Markets). Partner Simone Bono and Associates Enzo Paganetti, Lea Mansouri and Niamh Crisp (all Capital Markets, London) advised on the USD bond issuance. Dutch law advice was provided by Partners Thijs Flokstra and Tim Elkerbout and Associate Daniël van Loggerenberg (all Finance, Amsterdam). US tax advice was provided by Partner Claude Stansbury (Washington) and Associates Dominik Luczak and Ryan Sweeney (both New York).