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A&O advises Boels on its inaugural EUR400 million high yield bond issuance

Allen & Overy has advised Boels on its inaugural high yield bond issuance comprising EUR400 million 6.250% senior secured notes due 2029.

The issuance is part of the group’s strategy to diversify its funding sources and manage its debt maturities. Strong demand for the debut offering saw its pricing at the tight end of expectations. As a result, the group has been able to opportunistically refinance part of its existing floating-rate loans at a lower fixed coupon. The transaction marks the first debut high yield issuance in the Netherlands in 2023.

High yield partner John Kicken, who led the A&O team, commented: “We are very pleased with the stellar results that Boels has been able to achieve for its inaugural issuance, which is a testament to the strength of the business and its management team. The transaction also adds to A&O’s growing track record of successful debut issuances in 2023. As the first issuance in the market post-summer break, which saw pricing tightened beyond initial talk, this is a promising sign for European high yield.”

Headquartered in the Netherlands, Boels is a leading rental equipment specialist across 18 countries in Europe, holding the largest market share in the Netherlands, Belgium and Sweden, and the second largest market share in Germany and Finland. Boels is the success story of a family-owned local Dutch business that has grown into a European market leader in less than half a century.

The transaction was led by high yield partner John Kicken supported by senior associate Baxter Schooley and associates Sampada Bannurmath, Samantha Grayman and Ariel Aiash. Cross-border advice was also provided by A&O’s finance teams in the Netherlands (led by partners Femke Bierman and Jonathan Heeringa), Belgium (led by partner Yves Van Pul), Germany (led by partner Walter Uebelhoer) and England (led by partner Alice Smith).