Baker McKenzie advised SCHMOLZ+BICKENBACH on issuance of EUR 200 million senior secured notes
Leading global law firm Baker McKenzie has advised steel group SCHMOLZ+BICKENBACH on its issuing of EUR 200 million senior secured notes. The notes have a coupon of 5.625% and were issued through the group's finance subsidiary SCHMOLZ+BICKENBACH Luxembourg Finance S.A.
SCHMOLZ+BICKENBACH is one of the world’s leading providers of customised solutions in the specialty steel long products business. A global name in tool steel and stainless long steel products, the group is also one of the three largest providers for alloy and high-alloy engineering steel in Europe. With around 9000 employees in over 30 countries across five continents, the group supports and supplies customers wherever they operate.
The notes are to run until 2022. They were allocated to orders received in a several times oversubscribed offer launched on April 3, 2017. The group plans to use the proceeds, amongst others, to redeem the previously issued notes and to repay drawings under a revolving credit facility.
The Baker McKenzie team was led by Matthias Courvoisier and Mark Devlin. The team consisted in particular of lawyers from the Firm's Zurich, Frankfurt and Luxembourg offices, including Tianle Cao, Merens Derungs, Laurent Fessmann, Marcel Giger, Yves Mauchle, Anette Waygood-Weiner and Markus Wolf.