White & Case advises FORVIA on €700 million sustainability-linked bond offering to partially refinance bridge loans relating to HELLA acquisition
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Global law firm White & Case LLP has advised Faurecia S.E. (FORVIA), one of the world's largest automotive equipment suppliers, on its sustainability-linked high yield bond issuance of €700 million 7.250% sustainability-linked senior notes due 2026.
FORVIA will use the net proceeds of the offering to refinance in part the bridge facilities put in place for the acquisition of HELLA GmbH & Co. KGaA (Hella). FORVIA completed the acquisition of Hella during the first quarter of 2022 to form the seventh largest automotive technology supplier in the world under the new brand, FORVIA, with a combined 300 industrial sites and 150,000 people located in more than 40 countries.
FORVIA issued the notes under its Sustainability-Linked Financing Framework established in October 2021. BNP Paribas and Société Générale acted as joint global coordinators and joint physical bookrunners, Crédit Industriel et Commercial S.A. as joint global coordinator and joint bookrunner, Mizuho Securities Europe GmbH, Natixis and Banco Santander S.A. as joint bookrunners, and Bank of China (Europe) S.A., Deutsche Bank Aktiengesellschaft, Intesa Sanpaolo S.p.A. and Raiffeisen Bank International AG as co-managers.
White & Case previously advised FORVIA on the launch of its tender offer for HELLA and its inaugural €1.2 billion sustainability-linked high yield bond offering in November 2021.
The White & Case team that advised on the transaction was led by partner Gilles Teerlinck (London) and included partners Séverin Robillard and Max Turner (both Paris), counsel Tatiana Uskova (Paris) and associates Adrien Dumoulin-Smith and Jaime Lee (both Paris).
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