Herbert Smith to handle €500m refinancing
Herbert Smith and Clifford Chance (CC) have taken lead roles on a €500m (£429m) refinancing deal for IT and business services company Logica. Logica turned to Herbert Smith, while CC advised the arranging banks. Herbert Smith finance partner Malcolm Hitching led the team for Logica, assisted by associates Elliot Beard and Louise Shelford.
December 10, 2008 at 10:48 PM
2 minute read
Herbert Smith and Clifford Chance (CC) have taken lead roles on a €500m (£429m) refinancing deal for IT and business services company Logica.
Logica turned to Herbert Smith, while CC advised the arranging banks.
Herbert Smith finance partner Malcolm Hitching led the team for Logica, assisted by associates Elliot Beard and Louise Shelford.
The top 10 City firm has advised the IT giant since 2005, when a Freshfields Bruckhaus Deringer conflict handed Herbert Smith a role on Logica's €930m (£798m) takeover of French rival Unilog and a related rights issue. The firm was initially introduced to the company when it acted for Merrill Lynch and Close Brothers as financial advisers on Logica's 2002 merger with CMG.
Hitching commented: "For Logica to secure this financing in very difficult markets is evidence of the quality of the company that such a significant amount of capital has been committed."
CC advised a syndicate of arranging banks comprising Barclays Capital, BNP Paribas, HSBC, Scandinaviska Enskilda Banken, Nordea Bank Finland ING Bank, Lloyds TSB Corporate Markets and RBS.
The magic circle firm fielded a team led by London banking partner Geeta Kheehar, assisted by associate Steven Stavrous.
The new arrangements, which mature in 2011 and 2013, replace around half of the company's existing banking facilities. It comprises a €200m (£171m) three-year facility and a €300m (£257m) five-year revolving facility.
Under the terms agreed, Logica will also have the flexibility to add further banks and increase the amount of lending at a later date if needed.
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