White & Case Provides Financial Solutions to European High Yield Issuers
Amidst a challenging market, White & Case is staying strong in the High Yield market by assisting clients develop and implement alternative financial solutions
London,
March 30, 2009 ... Global law firm White & Case LLP has advised on three impressive deals within the high yield market this month, with a combined value in excess of €550 million, assisting traditional high yield issuers across Europe and the CEE as they continue seek alternative financial solutions to meet their business needs.
"In the current market, traditional high yield issuers are actively seeking alternative solutions to meet their financing needs, whether in order to address immediate capital requirements or to take advantage of market conditions to improve their capital structures," comments Rob Mathews, partner, White & Case. "These diverse transactions prove that financing opportunities still exist for high yield issuers, although these deals tend to have quite unique structures and characteristics."
White & Case advised on the following three deals in March 2009:
Weather Investments S.p.A. Acting for Weather Investments S.p.A. and its subsidiary, Wind Acquisition Holdings Finance S.p.A., in connection with the cash offer to purchase euro and dollar denominated PIK Loans guaranteed by WAHF in an aggregate amount of up to €233 million. The offer was made by way of a modified Dutch auction process and was funded by a bridge loan provided by Deutsche Bank. Deal closed 5 March, 2009.
The White & Case team was led by partner Rob Mathews and assisted by partners Chris Utting and David Barwise, counsel Brad Kurkowski and associates Wesley Budler, Michael Lee, Samantha Lennox, Nneka Okonkwo, Jitesh Patel and Joseph Varghese.
Bite Finance International (Cayman) Ltd. Acting for Bite Finance International (Cayman) Ltd., an affiliate of private equity firm Mid-Europa Partners LP, in a third party debt tender offer for any and all outstanding €110 million senior subordinated floating rate notes due 2017 of Bite Finance International B.V. and a concurrent consent solicitation by Bite Finance International B.V. Deal closed 19 March 2009.
The White & Case team was led by partner Jonathan Bloom, assisted by partner Rob Mathews and associates Robert Haak and Denise Ryan.
Invitel Holdings A/S Acting for Invitel Holdings A/S, the successor to Hungarian Telephone and Cable Corp. and its subsidiaries Magyar Telecom B.V. and Invitel Zrt., in connection with the refinancing of Invitel's €165 million Senior Credit Facilities and Magyar Telecom's €100 million bridge loan, which was used to finance the Memorex Acquisition in March 2008. The deal closed on 4 March, 2009.
The White & Case team was led by the London office partner Rob Mathews and assisted by partner Claire Denison and associates Laura Campbell, Michael Lee, Kathryn Ng and Phila Zulu. Working closely with a team in Budapest, partner Robert Irving, local partner Edward Keller, and associates Orsolya Szabo, Gergely Horvath and Melinda Pelikan; a team in Istanbul, associates Emre Ozsar and Kemal Serdengecti; and a team in Bratislava, associates Lucia Papayova and Lubomir Satka.
About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 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.
Contacts: Ian Kitts EMEA Media Relations & Corporate Communications Manager +44 (0) 207 532 2857 Erica Howard Media Relations Executive +44 (0) 207 532 2852
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