White & Case Advises on Financing of Elis' Acquisition of Lavebras and Indusal and Syndicated Loan Refinancing
Global law firm White & Case LLP has advised the bank syndicate comprising BNP Paribas, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, HSBC and Société Générale on the financing of Elis' €510 million acquisition of Indusal (Spain) and Lavebras (Brazil).
The acquisitions, announced in December 2016, were financed through a bridge loan signed in November 2016, which will be refinanced by a €325 million capital increase launched on January 19, 2017, and a new €1,150 million senior syndicated loan signed on January 17, 2017.
The capital increase is made with preferential subscription rights to existing shareholders. Eurazeo and Predica, Elis's two main shareholders which hold respectively 16.9 percent and ten percent of Elis's share capital, have committed to fully take-up their rights.
Elis is a leading multi-services group in Europe and Latin America, specializing in the rental and maintenance of flat linen and professional clothing, as well as hygiene and well-being appliances. With more than 21,000 employees in 13 countries, Elis recorded consolidated revenue of €1,415 million and consolidated EBITDA of €446 million in 2015.
White & Case also advised the bank syndicate on Elis' 2015 IPO on Euronext Paris and simultaneous refinancing as well as its €800 million high yield bond offering.
The White & Case team in Paris which advised on the capital increase was led by partners Thomas Le Vert and Séverin Robillard with support from associates Boris Kreiss and Isabelle Touré-Farah. Counsel Max Turner advised on matters of US law. Partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects. The Paris team which advised on the syndicated loan refinancing was led by partner Denise Diallo with support from associates Marie-Alix Charvin, Lycia Alderin and Laure Elbaze.