Press Release

White & Case Advises Banks on Financing of Danone's Acquisition of WhiteWave

Global law firm White & Case LLP has advised BNP Paribas and J.P. Morgan, as mandated lead arrangers, bookrunners and underwriters, on the US$13.1 billion bridge loan facility that was established to finance the acquisition of the WhiteWave Foods Company (WhiteWave) by Danone.

White & Case also advised J.P. Morgan and BNP Paribas, as global coordinators, as well as Citigroup and other banks, as joint bookrunners, on Danone's Yankee bond offering comprising four series of dollar-denominated notes for a total amount of US$5.5 billion. The notes have maturities ranging from three to ten years and bear interest at rates between 1.691 percent and 2.947 percent. The offering's proceeds, together with the proceeds of a Eurobond offering, will finance the acquisition of WhiteWave.

WhiteWave, which generated US$4 billion in sales during 2015, is a global company in organic foods, plant-based milks and related products. The deal is Danone's largest acquisition since 2007 and the largest to date in the natural and organic foods industry.

The White & Case team in Paris which advised on the bridge loan facility was led by partner Raphaël Richard with support from associates Roman Picherack and François Jubin. The Paris team which advised on the Yankee bond offering was led by partners Philippe Herbelin and Séverin Robillard and counsel Max Turner, with support from associate Tatiana Uskova. Partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects. Lawyers based in the Firm's New York office also provided advice.

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