Global law firm White & Case LLP has advised the bank syndicate on the inaugural €1 billion bonds issue by Elis, which comprises two series of bonds: €650 million bonds with a five years maturity, and €350 million bonds with an eight years maturity.
It is the first bonds issue by Elis under its EMTN programme, which was established in January 2018 and on which White & Case also advised the bank syndicate. The proceeds of the bonds issue will be used to refinance the bridge loan put in place for the Berendsen acquisition, and for general corporate purposes.
The bonds were issued via a private placement with institutional investors. BNP Paribas, Crédit Agricole Corporate and Investment Bank and HSBC acted as joint global coordinators.
Elis is a multi-service leader in the rental and cleaning of flat linen, work clothing and hygiene and welfare equipment in Europe and Latin America, with revenues in 2017 of €2.2 billion. Its shares are admitted to trading on the regulated market of Euronext Paris.
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert, and included partner Alexandre Ippolito with support from associates Tatiana Uskova, Petya Georgieva and Guillaume Keusch.
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