Press Release

White & Case Advises Banks on Lexmark Acquisition Financing

Global law firm White & Case LLP has advised a group of Chinese banks on facilities with a total commitment of around US$2.63 billion for a consortium led by Apex Technology Co., Ltd., PAG and Legend Capital Management Co., Ltd.

The facilities support the consortium's acquisition of Lexmark International Inc., a US-incorporated printer and software manufacturer. Lexmark was acquired for US$40.50 per share in an all-cash transaction with an enterprise value of approximately US$4 billion. The acquisition closed on November 28, 2016.

Apex Technology designs, manufactures and markets inkjet and laser cartridge components for remanufacturers and distributors, and is the largest manufacturer and solution provider for the global aftermarket imaging supplies market. The company is headquartered in Zhuhai, Guangdong, China.

White & Case advised China CITIC Bank Corporation Limited, as global coordinator, administrative agent and collateral agent, China CITIC Bank Corporation Limited, China CITIC Bank International Limited, The Export-Import Bank of China and Bank of China Limited, as joint mandated lead arrangers, and a group of lenders and account banks comprising international and Chinese branches of the mandated lead arrangers.

The White & Case team which advised on the transaction was co-led by partners David Li (Beijing) and Joseph Brazil (New York), counsel Robert Wann (New York) and senior legal consultant Frank Shu (Shanghai), and included partners John Shum (Singapore), Francis Zou (New York), Ray Simon (New York) and Chang-Do Gong (New York) with support from associates Sophia Savryn, Yehuda Ruble, Annabel Cherry (all New York), Christoffer Adler (Los Angeles), Tianren Liu and Fiona Lee (both Beijing).

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