Global law firm White & Case LLP has advised the international bank syndicate led by Global Coordinators BNP Paribas and UniCredit on the circa €1 billion financing of Xella, one of the world's leading manufacturers of wall building materials.
A key element of the transaction, which involved 11 jurisdictions, was the refinancing and redemption of Xella's PIK Toggle Notes due 2018 via a new €235 million term facility. The new facility was strongly oversubscribed due to keen market interest.
Xella's new financing package also includes the rolling of its existing term facilities (excepting the €325 million facility provided by Xefin Lux S.C.A which was funded by the secured floating rate notes issue by Xefin in 2014) into a new circa €300 million facility with extended maturity, as well as the extension of the maturity of the existing €75 million revolving credit facility. It also includes a new €75 million uncommitted acquisition facility.
The Xella Group, which is owned by Goldman Sachs Capital Partners and PAI Partners, develops, manufactures and markets building materials, dry lining panels, lime and limestone products and is one of the world's largest manufacturers of autoclaved aerated concrete and calcium silicate units. Its products are marketed in more than 30 countries under the brand names Ytong, Hebel, Multipor, Silka, Fermacell and Fels. Xella employs around 6,700 people in 20 countries and, during 2014, achieved revenues of €1.27 billion.
The White & Case team which advised on the transaction was led by partner Leïla Röder (Frankfurt) and local partner Matthias Bochum (Hamburg) and included partners Riaz Janjuah (Hamburg) and Bodo Bender (Frankfurt) with support from associate Alexander Nefzger (Hamburg). Lawyers in the White & Case offices in Paris, London, Warsaw, Bratislava and the Prague also provided advice. In addition, the Firm's team worked with local counsel in Luxembourg, the Netherlands, Hungary, Bulgaria and Slovenia.
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