Number One Ranking for White & Case's Global Bank Finance Practice

Leveraged Finance in 2008 Won't Hit the Record-breaking Levels of 2007, but Emerging Markets and New Players Will Come to the Fore

New York / London February 11, 2008 ... White & Case is the number one global legal adviser to debt providers on leveraged buyouts, in terms of deal volume, according to an analysis of Mergermarket's 2007 deal data. The Firm secured pole positions across the board, with number one rankings in the Americas, Europe and Asia (excluding Australasia). White & Case also ranked number one globally in the same category through 2005-2007, in terms of deal volume, advising on a third more deals than its nearest competitor and second globally in terms of deal value. The new rankings also show that the Firm's leveraged finance deal flow is evenly split between the key US and European markets, showing its strength on both sides of the Atlantic. White & Case's Global Banking & Finance Practice was also recently awarded Tier One ranking in the latest edition of Chambers Global.

"The rankings show what we have been saying for some time: namely, that we are the only firm to have a truly global leveraged finance practice, with critical mass in the principal markets of the US and Europe and a truly credible offering in Asia," commented Eric Berg, partner and co-head of White & Case's Global Bank Finance Practice.

Looking at the year ahead, it is clear that the ongoing effects of the credit crunch will ensure that leveraged finance activity levels for 2008 do not match the highs of a record-breaking 2007, but according to Maurice Allen, partner and co-head of White & Case's Global Bank Finance Practice, the emerging markets and new players will aid the market on its road to recovery.

"It will be some time before we see the return of pre-credit crunch levels of activity in the leveraged finance market, but this doesn't mean it will lie dormant in the interim. While we are currently advising on post-credit crunch deals in the developed markets, it is the less traditional markets, such as Central and Eastern Europe and Asia, which didn't feel the effects of last summer's market turbulence in the way that others did, that will be a key focus moving forwards. In addition, distressed debt investors and the restructuring of existing deals in the market will drive activity levels in the next year," explained Allen.

The Firm's Global Bank Finance Practice regularly advises on ground-breaking and multibillion-dollar transactions, recent examples of which include:

• Advising mandated lead arrangers and bookrunners Goldman Sachs International and UniCredit Markets and Investment Banking and mandated lead arranger VTB Bank Europe plc in connection with the debt financing for the acquisition of Russian juice drinks provider Nidan Soki by Lion Capital, a private equity firm that specialises in branded consumer product businesses, in what was the first-ever foreign sponsor-driven leveraged buyout in Russia;
  
• Advising Credit Suisse, Singapore Branch, Deutsche Bank AG, Hong Kong Branch and JPMorgan Chase Bank, Singapore Branch as joint lead arrangers in one of the largest public to private leveraged buyout financing transactions in Singapore to date. The three joint lead arrangers provided a US$600 million credit facility to a company owned by KKR funds and certain management investors to take private MMI Holdings Limited, a Singapore publicly listed company in the precision component manufacturing industry;
  
• Advising Deutsche Bank AG New York Branch, as administrative agent, and Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC, as joint lead arrangers, for US$2.55 billion of senior secured credit facilities provided to Ceridian Corporation, a leading information services company in the human resource, retail and transportation markets and two of its Canadian subsidiaries; and
  
• Advising the mandated lead arranger, in connection with the provision of credit facilities to a CVC Capital Partners incorporated SPV for the US$1.7 billion acquisition of travel accessory manufacturer Samsonite Corporation (a Delaware entity) by CVC Capital Partners. The financing comprised senior, revolver, second lien and PIK facilities. White & Case's US/European capability was a key factor in the success of this transaction and in the Firm's original appointment.

About White & Case
White & Case LLP is a leading global law firm more than 2,300 lawyers in 36 offices in 24 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

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Nicholas Clarke
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White & Case LLP
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