White & Case Acts on More Than €4 Billion in Financings in Six Months
Global law firm White & Case LLP has acted on more than €4 billion in financings in France in the past six months.
"We have been involved in major transactions and have developed complex structures since the beginning of the year for which the specific expertise of our team is an asset," said Raphaël Richard, a White & Case Banking & Capital Markets partner. "We remain very attentive to the evolution of the market and its impact on our clients' business."
Among the major transactions the Firm has advised on are three recent LBO financings – one by the Carlyle Group in connection with its acquisition of Sagemcom and two by Axa Private Equity in relation to its buyouts of Novacap and Outremer Telecom Groupe, the latter of which led to the launch of a public offer.
White & Case also advised on the €160 million buyout financing of Courtepaille that was made possible by a "unirate" bond subscribed solely by Intermediate Capital Group. This financing was a "first of its kind" in France and came after the Firm's involvement in the first so-called Double Luxco financing structure used in the leveraged acquisitions of Cerba, Sebia and Spotless in 2010.
Other financings advised on by White & Case include the issuance of €350 million in senior secured notes by the PagesJaunes Groupe, a €1.5 billion multicurrency revolving credit facility for Accor and a €1 billion bilateral loan facility for a major bank.
Also, in coordination with White & Case's Real Estate team, the Banking & Capital Markets group has advised on several real estate financing, including representing Catalyst Capital in its acquisition of the landmark property Front Park in Clichy and ING Reim on its acquisition of the office building River Ouest in Bezons. Moreover, the Banking & Capital Markets team is advising Olympique Lyonnais in connection with the financing of its new football stadium, "Stade des Lumières."
The Paris Banking & Capital Markets team now has three partners and eight associates. The newest appointment within the group is Denise Diallo, a New York- and Paris-qualified lawyer who was named partner at the beginning of the year and who has significant experience advising on structured finance transactions, in particular acquisition financings such as syndicated, leveraged and mezzanine financings.
White & Case's leading position in French banking and capital markets is highlighted by the 2011 rankings of respected legal directories IFLR1000 and The Legal 500, both of which rank White & Case as a tier-one firm, and Chambers Europe, which ranks the Firm as a tier two.
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