Milbank Advises Initial Purchasers and Lenders in Connection with Bain Scandinavian P2P Bond and Term Loan Financing

Milbank LLP has advised the initial purchasers in connection with the issuance of €350 million aggregate principal amount of 3.625% Senior Secured Notes due 2028 and $305 million aggregate principal amount of 4.875% Senior Secured Notes due 2028 by Spa Holdings 3 Oy (the “Company”) and the lenders in connection with the Company’s €600 million EUR senior term loan facility and the $547 million senior term loan facility.

The proceeds of the debut bond issuance helped repay amounts outstanding under the bridge facility used to fund the acquisition of Ahlstrom-Munksjö Oyj (“Ahlstrom-Munksjö”) by a consortium including Bain Capital, pursuant to a public tender offer. Ahlstrom-Munksjö is a leading global manufacturer of sustainable and innovative fiber solutions. The offering closed on March 19, 2021.

The Milbank team was led by European Leveraged Finance and Capital Markets partners Rebecca Marques, Sarbajeet Nag, Apostolos Gkoutzinis and Suhrud Mehta, and supported by associates Aled Knights, Laura Bonamis, Alexander Bond and Maria C. Schweinberger. The team also included London Tax partner Russell Jacobs and associate Steve Quinn as well as New York Tax partner Eschi Rahimi-Laridjani and associate Samantha Rocco.