Global law firm White & Case LLP has advised global coordinator and joint bookrunning manager Crédit Agricole CIB and joint bookrunning managers BNP Paribas, HSBC, Mitsubishi UFJ Securities International and Natixis in connection with the high yield bond offering of €250 million 8.75% Senior Notes due 2019 by French issuer Faurecia.
White & Case had also represented the underwriters in Faurecia's debut high yield bond offering of €350 million 9.375% Senior Notes due 2016, which closed in November 2011, and its follow-on high yield bond offering of €140 million 9.375% Senior Notes due 2016, which closed in February 2012.
Faurecia, one of the world's largest automotive equipment suppliers, develops, manufactures and sells original interior and exterior equipment and emissions control technologies to major auto manufacturers globally.
"With the closing of this bond offering, Faurecia has now issued €740 million of high yield debt in the last six months to refinance credit facility debt. That this listed French multinational is resorting to the high yield market for a significant portion of its funding bodes well for the future of French and European high yield," said White & Case partner Colin Chang.
The White & Case Faurecia deal team was led by London partner Colin Chang and associate Annie Serafim, assisted by associates Adrien Moretti, J. Roman Picherack and Christel Alberti in Paris and partner Stuart Matty in London.
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