London – DLA Piper UK LLP has advised Kaupthing Bank Hf on its provision of over €523 million Senior and Mezzanine debt refinancing package, together with PIK facilities of €65 million for Refresco BV, the leading producer of private label soft drinks and co-packer of A brand drinks in Europe.
The refinancing takes account of the growth in the Refresco business and four significant acquisitions made by Refresco throughout Europe in 2007, and includes €137 million increased senior and mezzanine facilities. Equity funding was provided by FL Group and the other original investors.
Refresco’s revenue is now expected to be double that from the time the FL Group-led consortium bought into it – at approximately €1.3 billion.
Tamsyn Mileham, commented: “This was a significant finance transaction for Kaupthing Bank Hf and also for DLA Piper given the current extreme conditions in the syndications market. Unanimous lender consent from a large syndicate was required to enable this transaction to complete and the increased facilities were over-subscribed, indicating that there is some liquidity in the syndications market for strong businesses.
“The transaction also reflects DLA Piper’s continuing success in building our pan-European and global practices.”
“We are delighted to have once again been involved with Kaupthing Bank Hf for whom we have acted for a number of years. We also look forward to the continuing development of the Refresco business which we understand intends to make new acquisitions in the years ahead.”
The DLA Piper team was led by Finance & Projects Associate, Tamsyn Mileham, with assistance from Ewen Scott and Simon Major in the UK, and assistance from DLA Piper’s offices in the Netherlands, Belgium, Spain, Germany and France, together with advice from Borenius & Kempinnen in Finland and Lukowicz, Swierzewski & Partners in Poland.