20 June 2007 – LAWFUEL – The Legal Newswire – Clondalkin Acquisition B.V., producer of value-added packaging products in core European and U.S. markets, completed on 19 June 2007 a high yield bond issue totalling €413m, consisting of €300m in senior secured floating rate notes due 2013 and €150m in senior secured floating rate notes due 2013. As part of the same transaction, Clondalkin entered into a €30m revolving credit facility with high yield incurrence covenants. The proceeds of the notes offering will be used to finance the acquisition of a U.S. company in the high value-added segment of the packaging market, and for other future acquisitions. The notes proceeds were also used to refinance all amounts outstanding under Clondalkin’s senior credit facilities. The notes will be listed on the Luxembourg Stock Exchange.
International law firm Freshfields Bruckhaus Deringer advised Clondalkin as to U.S., Dutch, U.K., and German law, on both the notes offering and the related refinancing. Deutsche Bank and Lehman Brothers acted as joint book-running managers.
The Freshfields team was led from London by US corporate partner Don Guiney and associate Leila Bham, and from Frankfurt by finance partner Ian Frost and associate Christine Baumberg.