White & Case Advises on Europe's First High Yield Deal in 18 Months
Berlin, Düsseldorf, Frankfurt, Hamburg, Munich, London
January 22, 2009 ... Global law firm White & Case LLP has represented the initial purchasers with respect to German law in connection with the $860 million equivalent offering of unsecured senior notes by Fresenius US Finance II Inc. Due to a strong demand, the euro tranche significantly increased in size, placing it at the top of the high yield. "This new bond issue is quite significant during the current market, not only for being the first one in Europe in the last 18 months, but also for the increase in the Euro tranche due to an increasing appetite for it in the high yield bond market," commented Jonathan Bloom, partner, White & Case. The bond from Fresenius, a German medical supply company, is the first high yield bond issued by a European credit in 2009. The notes are guaranteed on a senior unsecured basis by Fresenius SE, Fresenius Kabi AG and Fresenius ProServe GmbH and will be listed on the Luxembourg Stock Exchange. This opens up the European high yield bond market, which has been closed to new issues since July 2007 when the market was still in the early stages of the credit crisis. "We are hopeful that following the success of this new issue this will be the first of a number of high yield bonds to be issued in 2009 and that it will begin to rebuild investors’ confidence in the market." commented Leila Röder, local partner, White & Case. The German medical company, which provides products and services for dialysis, hospital and outpatient medical care, raised capital to refinance in its entirety the $650 million bridge loan that was part of last year’s financing package for an acquisition of APP Pharmaceuticals. Fresenius has three additional existing bonds, all €500 million in size and maturing in 2011, 2013 and the third maturing in 2016. White & Case previously represented the lenders in connection with the senior financing as well as the bridge financing which was refinanced by the bond. The White & Case team was led by local partner Leila Röder working closely with partner Tom Oliver Schorling in Frankfurt and partner Jonathan Bloom in London. They were assisted by local partners Albrecht Münch, Jörg Liesenfeld, Alexander Born, Dr. Sabine Dieckmann, Isabell-Marie Engel and Benedikt Gillessen and associates Clemens Niedner, Ines Hantschel, Michael Kunze and Katrin Rübsamen.
About White & Case
White & Case LLP is a leading global law firm with more than 2,400 lawyers in 34 offices in 23 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to meeting the business priorities and legal needs of our clients.
Contact:
Ian Kitts EMEA Media Relations & Corporate Communications Mgr White & Case LLP 44 20 7532 2857 ian.kitts@whitecase.com Sara McIlroy European Media Relations Mgr White & Case LLP 44 20 7532 2946 smcilroy@whitecase.com Erica Howard Media Relations Executive White & Case LLP 44 20 7532 2852
|