CC and Links secure lead roles on bond-backed finance for £1.2bn deal
Clifford Chance (CC) and Linklaters have advised on the financing of a £1.2bn European private equity deal. The deal, which closed earlier this month (5 May), saw Swedish buyout house EQT buy local refrigeration products manufacturer Dometic for SEK12bn (£1.2bn). EQT turned to Swedish law firm Vinge, where Stockholm M&A and private equity partner Christina Kokko took the lead on corporate aspects of the transaction.
May 25, 2011 at 07:03 PM
2 minute read
Clifford Chance (CC) and Linklaters have advised on the financing of a £1.2bn European private equity deal.
The deal, which closed earlier this month (5 May), saw Swedish buyout house EQT buy local refrigeration products manufacturer Dometic for SEK12bn (£1.2bn). EQT turned to Swedish law firm Vinge, where Stockholm M&A and private equity partner Christina Kokko took the lead on corporate aspects of the transaction.
Dickson Minto advised the sellers fielding a team under private equity partner Andrew Nuthall. At the time of the sale Dometic was majority-owned by banks after former owner BC Partners, a regular Dickson Minto client, opted not to make further investments during the global financial crisis.
CC advised EQT on the financing, floating a London-based team led by banking partner Alan Inglis, which also included high-yield specialist Michael Dakin and private equity partner David Walker.
Linkaters advised the financing banks through a cross-border team of lawyers from London, Stockholm, New York, Luxembourg, Frankfurt and Milan, which was led by City banking partner Gideon Moore and Stockholm office head Per Nyberg.
The financing involved a combination of senior debt from a consortium of Nordic banks and a €200m (£176m) payment in kind (PIK) bond – the first deal in Europe since 2009 to use PIK financing.
The mandate is the latest example of high-yield activity in Europe. Other recent high-yield deals for CC include advising Spanish telecoms operator ONO on a €460m (£404m) offering earlier this year.
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