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Allen & Overy advises on two of this year’s largest LBOs

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12 July 2018

LONDON - Allen & Overy LLP announced that it has advised the financing sources on two of this year’s largest acquisitions in the European leveraged finance market.

​Allen & Overy has advised Credit Suisse, Deutsche Bank and the other mandated lead arrangers on the commitment and syndication of EUR 3.95 bn (equivalent) of senior loan financing and EUR 1.1 bn (equivalent) of high yield notes financing for KKR’s EUR 6.8 bn acquisition of Unilever’s baking, cooking and spreads business, Flora Food Group. The firm also represented Deutsche Bank, HSBC, BNP Paribas and other mandated lead arrangers in relation to the commitment and syndication of EUR 3.9 bn (equivalent) of senior loan financing and EUR 1.4 bn (equivalent) high yield notes financing in support of the EUR 6.6 bn public bid of TDC A/S, a publicly listed Danish telecommunications company, by a consortium of investors lead by Macquarie Infrastructure and Real Assets. The Flora Food Group acquisition and the final financing transactions related to the TDC acquisition have now been closed.

The Allen & Overy teams working on each of the transactions were led by London-based Banking partner, Jonathan Brownson and London-based High Yield partner, Jake Keaveny, with support on the Flora Food Group transaction from senior associate Joydeep Choudhuri, associates Kai Zhang and Marcus Chaplin on the banking transactions and London-based High Yield partner John Kicken and associates Aled Knights, Khalid Alyafi and John Epling on the high yield notes offerings and on the TDC transaction by partner Matt Moore, senior associate Sarbajeet Nag and associates Alice Smith, Jennifer Spring and Prue Criddle on the banking transactions and senior associate Maylea Ma and associate Andreea Plesea on the high yield notes offerings.

Jake Keaveny, who led the transactions from the high yield side, said, “Each of these were very large and complex transactions involving numerous jurisdictions, so we’re very happy to have been able to help execute them successfully for our clients.”

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