Debt covenants in Germany (especially with kfw financing)

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by a searcher from WHU-Otto Beisheim School of Management
in Hamburg, Germany

2yrs ago

Debt covenants in Germany (especially with kfw financing)

Hi all,

would be keen to learn about what debt covenants (e.g., debt service coverage ratios) banks want to see when they finance transactions in Germany. I'd be especially interested to hear about reference values for financings supported by the KFW.

Thanks a ton

Christian

1 Like

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reply by a searcher 2yrs ago
from WHU in Hamburg, Germany

That‘s interesting! Would be keen to learn (also direct message if you like) what banks were willing to go without personal guarantee, how much more expensive it got and whether your deal was very asset heavy (thus a lot of collateral)? As I would not want to invest all capital available getting financing without or at least with a limited personal guarantee is a real goal

reply by a searcher 2yrs ago
from London Business School in Germany

Hypovereinsbank (Unicredit) is a big one and they know Search Funds, local Sparkasse, depending on a branch, you either going to get it quick or never, regional Beteiligungsgesellschaft, (depending on the region where you look to acquire), but then you need to be an MD and can´t replace yourself with another MD without their approval. All these banks finance without personal guarantees.