Co-head of White & Case's Banking Practice in Stockholm, Magnus Wennerhorn focuses on leveraged finance and financial restructurings. He also has a strong track record in a wide range of finance transactions, including public offers, IPO financing, cross-over and investment grade lending.
For clients engaged in top tier acquisition finance transactions, complex cross-border financings or financial restructurings, Magnus brings a wealth of knowledge and experience, allowing them to proceed confidently to achieve their business objectives.
Swedish and foreign banks such as Nordea Bank and Deutsche Bank, as well as private equity clients and corporate clients, have all benefited from his extensive experience, handling top tier deals.
Prior to joining White & Case in 2005, Magnus gained valuable insight working at a leading local banking law firm, and at a major international law firm in London.
Nordea Bank AB (publ), SEB (publ) and AB Svensk Exportkredit (publ)
Represented Nordea Bank AB (publ), SEB (publ) and AB Svensk Exportkredit (publ) on the EUR 405 million financing of Mekonomen AB (publ)'s acquisition of FTZ in Denmark and INTER-TEAM in Poland.
Represented Nordea Bank, together with Citibank, N.A., London Branch and Skandinaviska Enskilda Banken AB as the original lenders, on the SEK 11 billion term facility agreement made available to Tele2 AB (publ) to finance part of the merger with Com Hem Holding AB (publ). The merger gives Com Hem a valuation of approximately SEK 26.6 billion (US$3.2 billion). Tele2 is a NASDAQ Stockholm-listed telecom operator and Com Hem is a NASDAQ Stockholm-listed TV cable company.
Carnegie Investment Bank AB, Nordea Bank AB and Pareto Securities AS
Represented Carnegie Investment Bank AB, Nordea Bank AB and Pareto Securities AS, as Joint Bookrunners, on the issuance by Ovako AB of €310 million 5% senior secured notes due 2022 governed by Swedish law. Ovako, which develops high-tech steel solutions, used the proceeds of the Swedish law governed notes to refinance its outstanding New York law governed €300 million 6.5% senior secured notes due 2019.
Altor Fund IV public offer
Acted for the private equity fund Altor Fund IV in connection with the financing of the successful public cash offer to the shareholders of Transcom WorldWide AB (publ), a company listed on Nasdaq Stockholm. The total value of the offer amounts to approximately SEK 2.3 billion.
Altor Fund IV and Goldman Sachs MBD
Acted for Altor Fund IV and Goldman Sachs MBD in connection with the financing of their joint acquisition of Navico Holding AS.
Acted for a syndicate of Nordic banks in relation to the €500 million financing of Capio AB (publ) in connection with Nordic Capital's IPO of the Capio group on NASDAQ Stockholm. Capio is a leading, pan-European healthcare provider offering a broad range of high quality medical, surgical and psychiatric healthcare services in four countries through its hospitals, specialist clinics, and primary care.
Danske Bank, DNB Bank and Nordea Bank
Acted for Danske Bank, DNB Bank and Nordea Bank on a set of financing arrangements provided to Thule Group AB (publ), in connection with its listing on NASDAQ Stockholm. The financing arrangements included SEK 2.9 million multicurrency and revolving facilities to Thule Group AB (publ), SEK 1,000 million secured term loan facilities to Thule's principal owners, an LBO financing of Thule's towbar business, and brink and bridge facilities provided in connection with the listing. The Thule Group is the global market leader product categories including sport and cargo carriers for the car, camera bags and multifunctional child carriers.
Acted for Nordea Bank in connection with the financing of Accent Equity's acquisition of San Sac and EnviroPac, and its subsequent add-on acquisition of TOMRA Compaction.
DNB Bank, Skandinaviska Enskilda Banken
Acted for DNB Bank and Skandinaviska Enskilda Banken in connection with the €140 million and US$35 million financing of Gunnebo AB (publ). The Gunnebo Group is a Nasdaq-listed worldwide leader in security products, services and solutions.
Skandinaviska Enskilda Banken, Svenska Handelsbanken
Acted for Skandinaviska Enskilda Banken and Svenska Handelsbanken in connection with the SEK 1,000 million financing of ÅF AB (publ). The ÅF group is a NASDAQ listed leader in technical consulting for the energy, industrial and infrastructure markets.
Represented SSAB, a leading producer of high strength steel, in the financing of the public offer and merger between SSAB and the Finnish company Rautaruukki Oyj. The recommended share exchange offer to Rautaruukki's shareholders was valued at around €1.1 billion. The combined entity is now a Nordic and US-based steel company, with headquarters in Stockholm.
Represented the senior lenders in connection with the financial restructuring of a NASDAQ OMX-listed company. Both the public nature of this work, and its final advanced debt structure made this one of the most complex restructurings in Sweden in recent years.
Represented the senior lenders in connection with the financial restructuring of a private equity-owned group. The cross-border elements, limited enforcement options, bank take-over and exit made this one of the more complex restructurings in the Nordic region in 2015 and 2016.
Private equity sponsor
Represented a private equity sponsor in connection with the financial restructuring of a portfolio company. This involved a complex debt restructuring, which included the development of unique solutions for the senior lender and the sponsor. The creation of a debt instrument that classifies as equity with the borrower, in combination with a synthetic waterfall, made it one of the most complex structures in Sweden in recent years.
Changes to Swedish Financial Assistance Regulation, Butterworth's Journal of International Banking and Financial Law, 2004
Leading lawyer, The Legal 500 2011–2017
Leading lawyer, IFLR1000 2009–2017
Leading lawyer, Chambers and Partners Europe/Global 2009–2017 (Banking) and 2014–2017 (Restructuring/Insolvency)