Press Release

White & Case Advises Banks on Refinancing of Xella International

Global law firm White & Case LLP has advised the international bank syndicate led by BNP Paribas, as Mandated Lead Arranger, on the refinancing of a part of the liabilities of Xella International S.A.

At the heart of the refinancing is a new, €325 million secured notes issue by Xella financing vehicle Xefin Lux S.C.A., arranged by BNP Paribas (Lead Left) and Goldman Sachs as Joint Global Coordinators.

Xefin is using the proceeds of the issue to fund a new credit tranche under Xella's existing credit agreement, primarily for the early repayment of the credit tranche previously granted to Xella by Xefin. At the same time, it proved possible to indirectly redeem the Senior Secured Notes issued in 2011. As in the case of the 2011 issue, the holders of the new notes are participating indirectly in the security provided for the credit agreement.

Xella is one of the Europe's largest manufacturers of aerated concrete, high quality dry lining applications and lime. Its products are marketed in more than 30 countries under the brand names Ytong, Hebel, Multipor, Silka, Fermacell and Fels. Xella employs around 6,800 people in 20 countries.

The advice in this matter was provided against the background of a working relationship established over many years. White & Case partner Leїla Röder said: "We advised the financing banks in 2011, when the concern was how to integrate the Senior Secured Notes into the existing financing and security package. In this case, too, we were ideally positioned and able to provide advice in a total of ten jurisdictions, thanks to our experience with bank/bond financing and our global network."

The White & Case team was led by partner Leïla Röder and local partner Matthias Bochum with support from associate Charlotte Kreuzberg (all Germany) and lawyers in the Firm’s offices in France, the UK, Poland, Slovakia, the Czech Republic and Hungary.

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