Leading global law firm Baker McKenzie advised steel group SCHMOLZ+BICKENBACH on its tap issuance of EUR 150 million senior secured notes due 2022. The new notes have the same terms and form a single series with SCHMOLZ+BICKENBACH's existing 5.625% notes issued in April 2017. All notes are listed on the Luxembourg Stock Exchange (LuxSE).
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 largest providers for alloy and high-alloy engineering steel in Europe. With over 10,000 employees in over 30 countries, the group supports and supplies customers wherever they operate.
The offering was launched on June 14, 2018 and the notes were priced at 101.5% of their face value (plus accrued interest) on June 18, 2018. The closing took place on June 25, 2018. The group intends to use the net proceeds to repay drawings under its revolving credit facility. Amongst other things, these drawings were used to finance the acquisition of the majority of the sites and facilities of Asco Industries, a French steelmaker.
The Baker McKenzie team was led by Matthias Courvoisier (Zurich), Mark Devlin (Frankfurt), Adam Farlow (London) and Yves Mauchle (Zurich). The team consisted of lawyers from various offices of the Firm, including Tianle Cao and Laurent Fessmann (both Luxembourg), Thomas J. Rice (New York), François-Xavier Naime and Alain Sauty de Chalon (both Paris) as well as Tilla Caveng, Zarina Füglister, Sammy Guidoum and Markus Wolf (all Zurich).