Acting as Swiss counsel, leading global law firm Baker McKenzie, has advised RRJ Capital as lead investor on a significant structured equity-linked debt financing for HNA Aviation (Hong Kong) Air Catering Holding Co., Limited, the sole shareholder of gategroup Holding AG.
The debt financing package comprised of a private placement of 5-year senior secured guaranteed mandatory exchangeable bonds and a senior secured guaranteed term facility which, upon conversion, will result in up to 49% of the share capital of gategroup Holding AG. Richard Ong, founder, Chairman and CEO of the RRJ Group, will join gategroup’s Board of Directors.
HNA Group is a world-leading company focused on civil aviation, tourism, logistics, technology, financial services and others, with headquarters in Hainan Province, China.
Headquartered in Zurich, Switzerland, gategroup Holding AG is the global leader in airline catering, retail-on-board and hospitality products and services, with the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in 60 countries/territories across all continents.
With a total AUM of close to US$11 billion, RRJ Capital is an Asian investment firm which focuses on private equity investments in China and South-East Asia. RRJ Capital pursues an investment strategy in companies predominantly in Asia, with a focus on growth capital and state-owned enterprises investments.
Zurich based Baker McKenzie partner Dr. Matthias Courvoisier, who led the Baker McKenzie deal team, said: "We are delighted to have been part of the team advising RRJ on this remarkable transaction and believe that gategroup will significantly benefit from the expertise RRJ will bring as new lead investor."
Baker McKenzie advised RRJ on all Swiss law related and certain other aspects of the transaction, including the structuring of the security package. The Baker McKenzie team comprised partners Dr. Matthias Courvoisier (Zurich) and Karen Guch (London) as well as associate Dr. Philip Spoerlé (Zurich).
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