Davis Polk and Slaughters land roles as ISS sizes up major Nordic IPO
Davis Polk and local firm Gorrissen Federspiel have landed the mandates advising Danish facilities giant ISS on its planned DKK8bn (£883m) flotation. Slaughter and May has also secured a key role, acting on a refinancing facility being arranged ahead of the proposed listing.
February 20, 2014 at 06:32 AM
2 minute read
Davis Polk and local firm Gorrissen Federspiel have landed the mandates advising Danish facilities giant ISS on its planned DKK8bn (£883m) flotation.
Slaughter and May has also secured a key role, acting on a refinancing facility being arranged ahead of the proposed listing.
If the proposed initial public offering (IPO) goes ahead, it would be the largest Nordic flotation since the financial crisis. The IPO would primarily comprise a new share issue.
Proceeds from the fundraising will be used to repay the company's existing credit facilities during the course of the year.
Davis Polk's City-based corporate partner Paul Kumbleben is leading on US law matters while and Danish firm Gorrissenhas fielded a team led by corporate partner Niels Heering and securities partner Rikke Schiott, advising on the Danish flotation.
Slaughters finance partners Robert Byk and Matthew Tobin are heading up a team for the magic circle firm advising ISS on the refinancing.
Nordea, Goldman Sachs and UBS Investment Bank have been named as global coordinators as well as bookrunners along with Barclays and Morgan Stanley, while Carnegie, Danske Bank and SEB have been appointed as co-lead managers.
Latham & Watkins and Danish firm Plesner are advising the underwriters.
Byk said: "This is a challenging process given the speed of putting in place the facilities alongside the backdrop of the ongoing IPO process and the need to involve 23 different jurisdictions."
The legal line-up for ISS is the same as that for an abandoned IPO in 2011. The company had previously planned to list in 2007.
Slaughters is a longstanding adviser to ISS. In 2012, the firm was mandated on a €500m (£390m) deal that saw Lego billionaire Kirk Kristiansen join forces with a pension fund to secure a stake in the Danish company, with Gorrissen Federspiel providing advice on Danish law aspects.
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