Baker & McKenzie Advises ING on €140 Million Refinancing for Deceuninck

Global, 23 July 2012 – Baker & McKenzie has advised a consortium of five banks led by ING Bank as coordinator of €140 million (US$173 million) new 5-year financing facilities for the Deceuninck group, a leading Euronext-listed PVC systems and building products manufacturer.

The senior multicurrency term and revolving facility agreement is being used to prepay the company's existing financing facilities consisting of a syndicated bank facility and senior secured notes. The deal was signed on 16 July 2012, and was well received by investors. Closing is scheduled around mid-August 2012.

The facilities are secured by a guarantee and share security package spanning 10 jurisdictions across Europe (including Belgium, the Czech Republic, France, Germany, Poland, The Netherlands, Russia and the United Kingdom), Turkey and the United States.

Antoine De Raeve, the partner in Baker & McKenzie's Brussels office who led the deal, said, "Baker & McKenzie is perfectly positioned to assist clients on this type of complex transaction across many jurisdictions. The deal required legal assistance in 10 countries, showcasing our ability to handle sizeable cross-border deals fluently."

Antoine De Raeve, Michael Van Acker and Jan Darthet led the team, assisted by lawyers in Baker & McKenzie's Prague, Frankfurt, Paris, Warsaw, Amsterdam, Moscow, London, Istanbul and Chicago offices.

ING Belgium SA/NV, Fortis Bank SA/NV and KBC Bank NV are Bookrunning Mandated Lead Arrangers, Commerzbank Aktiengesellschaft is Mandated Lead Arranger and Banque LBLux S.A. is Lead Arranger. KBC Bank NV is Facility Agent, and Fortis Bank SA/NV is Security Agent.

Deceuninck is a top-three market player with respect to design and production of PVC systems for windows and doors, interior, roofline & cladding and terraces. It is headquartered in Belgium and is listed on Euronext, active across Europe, in Turkey and in the United States.

Allen & Overy advised Deceuninck.