Allen & Overy advises on combined EUR1.8 billion loan and high yield bond acquisition financing
Dr Walter Uebelhoer
03 September 2021
Allen & Overy's leveraged finance team has advised a consortium of banks in connection with a EUR1.8 billion loan and high yield bond to finance the acquisition by KPS Capital Partners, LP of Crown Holding Inc's tinplate steel packaging business in EMEA, a market leader in the design, manufacture and sale of metal packaging solutions. The financing consisted of a EUR1.175 billion term loan facility, a EUR275 million revolving credit facility and EUR375 million of 5.125% senior notes due 2029.
Commenting on the transaction, lead banking partner Nicholas Clark said: “The financing was structured to cater for the acquisition of a carve-out target business, including the sale of companies, businesses and assets in France, Germany, Italy, Spain and the United Kingdom.” Lead high yield partner John Kicken added: “Advising on such a multifaceted financing underlines our well-established cross-border execution capabilities and reinforces our credentials as a leading integrated leveraged finance practice."
The cross-practice group advising on the transaction comprised the leveraged finance team led by banking partner Nicholas Clark and high yield partner John Kicken with senior banking associate Megan Lawrence, banking associates Sophie Buchanan-Brown, Simba Gonondo, Andreas Georgiades and Jemima Wolstencroft, and high yield associates John Epling, Sampada Bannurmath, Isidora Parga and Shivani Agarwal. Also assisting on the transaction were teams in France (led by partner Julien Roux), Germany (led by partner Walter Uebelhoer), Italy (led by partner Stefano Sennhauser), the Netherlands (led by partner Jonathan Heeringa) and Spain (led by partner Ignacio Ruiz-Camara).