Global law firm White & Case has demonstrated the depth of its European high yield offering with the successful closing of six deals in the last six weeks across a whole spectrum of European jurisdictions.
"White & Case has a long history of working on high profile high yield deals across Europe and these transactions demonstrate the depth and reach of our work in Western Europe and our ability to cover all aspects of a transaction involving interrelated bond and bank loan aspects under multiple governing laws," said White & Case partner Rob Mathews. "The growth of the Firm's capital markets practice is a key strategic priority and we are pleased to see such positive results from clients looking to access capital markets for their financing needs."
The transactions were all governed by New York law and were worked on by partners and associates across the White & Case network in Europe including in Frankfurt, Helsinki, London, Madrid, Milan, Munich, Paris, Prague, Stockholm, and Warsaw.
White & Case represented the following clients:
(1) in Italy, the WIND Group in connection with the issuance of €150 million Senior Secured Floating Rate Notes due 2019 and US$550 million 6.5 percent Senior Secured Fixed Rate Notes due 2020. The bonds were issued by WIND Acquisition Finance S.A and guaranteed by Wind Telecomunicazioni S.p.A., a leading Italian telecommunications operator.
(2) in France, J.P. Morgan, Crédit Agricole, HSBC and Nomura acting as initial purchasers in connection with an offering by contract catering company Elior Finance & Co of €350 million 6.50 percent Senior Secured Notes due 2020. The Notes have a portability feature which allows the sponsor to sell its stake in Elior without triggering the change of control put.
(3) in Finland, Sanitec Oyj, a leading producer of ceramic sanitary-ware, on its high yield bond offering of €250 million Senior Secured Floating Rate Notes due 2018. This was alongside a new €50 million Revolving Credit Facility. UBS and Deutsche Bank acted as joint global coordinators and joint bookrunners with Danske Bank and DNB Markets as additional joint bookrunners. The Notes and the Revolving Credit Facility are guaranteed by Sanitec group entities in the Netherlands, England, France, Finland, Italy, Germany, Poland, Sweden and Ukraine.
(4) in the United Kingdom, Pendragon PLC (as issuer), the largest operator of franchise motor vehicle dealerships in the United Kingdom, and 66 of its subsidiaries (as guarantors) on its high yield bond offering of £175 million 6.875 percent Senior Secured Notes due 2020. This was alongside a new £145 million Revolving Credit Facility guaranteed by the same subsidiaries. Barclays, Lloyds Bank and The Royal Bank of Scotland acted as joint global coordinators and joint bookrunners.
(5) in Germany, Jefferies LLC and Goldman Sachs as joint bookrunners and managers for a €225 million issuance of Senior PIK Notes by a holding company of the Klöckner Pentaplast Group. The Klöckner Pentaplast Group is the world's leading producer of rigid plastic film for pharmaceutical, medical devices, food, electronics and general purpose thermoform packaging.
(6) in the Czech Republic, J.P. Morgan, Société Générale, Royal Bank of Scotland and UniCredit Bank as joint bookrunners for EP Energy's issuance of €600 million senior secured notes. EP Energy is an energy company with primary operations in the Czech Republic and Germany.
The lawyers involved were:
Wind Group: Partners Rob Mathews, Christopher Utting (London), Michael Immordino (Milan and London), Iacopo Canino, Ferigo Foscari (Milan), supported by London associates Kristina Agassi, Jill Concannon and James Greene and Milan associates Valentino Belgioioso, Angelica Longanesi and Silvia Pasqualini.
Elior: Partner Colin Chang, Denise Diallo (Paris), supported by London associates Mariya Azbel, Jill Concannon and Martin Mojžiš and Paris associates Samir Berlat and Roman Picherak.
Klöckner Pentaplast: Partners Rob Mathews (London) and James Black (Frankfurt), supported by London associates James Greene and Jennifer Reiss and Frankfurt associate Lars Teigelack.
Sanitec Oyj: Partners Rob Mathews, Jeremy Duffy (London), Tanja Tornkvist, Mikko Hulkko, Risto Ojantakanen (Helsinki), supported by London associates Jill Concannon Audrey Coker, Sally Koo, Jennifer Reiss Joe Su and Xiaoyan Sun.
Pendragon: Partner Rob Mathews (London) supported by London associate Annie Serafim and Los Angeles associate Rob Morrison.
EP Energy: Partners Rob Mathews (London), Jakub Dostal, Kvetoslav Krejc, Eva Svobodova, Jiri Tomola (Prague) and James Black (Frankfurt), supported by London associates James Greene, Stephen Howard and Simon Ngu and Frankfurt associates Veit Sahlfeld and Lars Teigelack.
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