Press Release

White & Case Advises on €580 Million Dual Tranche High Yield Offering by Fives

Global law firm White & Case LLP has advised joint bookrunners J.P. Morgan, Deutsche Bank, Barclays, BNP Paribas, HSBC and Société Générale on the refinancing of Fives existing senior and mezzanine debt through a high yield bond offering of an aggregate principal amount of €580 million.

The France-headquartered industrial engineering group's offering is split into two tranches – €380 million 4.5 percent senior secured notes due 2021 and €200 million senior secured floating rate notes due 2020. As part of the transaction, Fives also entered into a new €90 million super senior revolving credit facility.

The White & Case team in Paris was led by partner Colin Chang with support from associate Jordan Zaluski. Partner Denise Diallo, assisted by associates Lycia Alderin and Aïssatou Seck, advised on the transaction’s bank finance aspects, partner Nathalie Nègre-Eveillard and associate Sophie Nguyen advised on corporate matters and partner Norbert Majerholc, with support from associate Marcus Schmidbauer, advised on tax issues. London-based associates Michael Lee, Tim Wood and Nilima Shah also supported the transaction.

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