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Allen & Overy advises Triton on successful placement of € 775 million high-yield bonds in the context of the approx. € 1.3 billion acquisition financing on the purchase of GEA's heat exchanger business

23 May 2014

Allen & Overy LLP advised financial investor Triton on the successful placement of EUR 775 million high-yield bonds in the context of financing the acquisition of the heat exchangers business from the engineering company GEA for approximately EUR 1.3 billion. In terms of turnover, GEA Heat Exchangers is the second largest segment of GEA Group, which is headquartered in Bochum.
The issue comprised three euro tranches with an aggregate volume of EUR 775 billion. The bond issues which have now been completed form part of the EUR 1.3 billion acquisition financing package which Triton concluded with a bank syndicate led by Deutsche Bank, on which Allen & Overy also advised.
The bonds, which are subject to the laws of New York, were issued by Galapagos Holding S.A. and Galapagos S.A. and are guaranteed by selected subsidiaries. The bonds are to be listed on the EURO MTF market of the Luxembourg Stock Exchange.

The Allen & Overy team was led by Frankfurt partner Gernot Wagner (US corporate finance) and also included partners Thomas Neubaum (banking & finance), Dr. Heike Weber (tax, all Frankfurt) and Dr. Jens Matthes (IP, Düsseldorf), counsels Bianca Engelmann, James Taylor (both banking & finance), Dr. Bettina Enderle (public law), senior associates Dr. Jens Gölz, Vanessa Pfeiffer, Dr. Urs Lewens (all banking & finance), Stuart Gregory (capital markets), Dr. Susanne Lenz (US corporate finance) and associates Rebecca Emory, Yannick Adler, Oliver Reimers (all US corporate finance), Elke Funken-Hötzel, Patrick Reuter, Dr. Alexander Schilling, Siba Diqer (all banking & finance), Fabio Borggreve (corporate), Dr. Thorsten Thaysen, Stefanie Waibel (both public law), Dr. Johanna Gerstung (employment & benefits), Dr. Alexander Schlee, Michael Huertas (both capital markets), David Schmid (dispute resolution, all Frankfurt) and Miray Kavruk (IP, Düsseldorf). 

Other Allen & Overy teams from Belgium, the People's Republic of China, the Czech Republic, France, Hong Kong, Hungary, Italy, Luxembourg, the Netherlands, Poland, Spain, Singapore, the UK and the US were also involved in the transaction.