In connection with the spin-off of the Nobian Group entities from Nouryon into a standalone ownership structure owned by the Carlyle Funds (managed by The Carlyle Group) and GIC, Milbank LLP represented J.P. Morgan AG as administrative agent, Credit Suisse (Deutschland) Aktiengesellschaft, HSBC Continental Europe S.A. and J.P. Morgan AG as global coordinators and a group of banks and financial institutions as joint bookrunners, initial purchasers, arrangers, managers and initial anchor lenders. The cross-border financing includes a €1.090 billion ESG-linked term loan facility, a €200 million multicurrency revolving credit facility and a €525 million offering of sustainability-linked senior secured notes, which were included in the ESG-linked pricing to achieve certain Key Performance Indicators.
Nobian, the former industrial chemicals unit of Nouryon, is a European leader in the production of essential base chemicals for industries ranging from construction and cleaning to pharmaceuticals and water treatment. Nobian, which has approximately 1,600 employees, has production facilities in the Netherlands, Germany and Denmark, and had revenues of €1 billion in 2020. Milbank previously represented the debt financing sources in the milestone cross-border acquisition of AkzoNobel Specialty Chemicals, which is now known as Nouryon.
The Milbank team was led by New York-based Global Leveraged Finance partners Marcus Dougherty and Benjamin Sayagh with associates Morgan Lingar, Annaliese Snodgrass and Camille Gibeault. The Global Capital Markets team was led by New York-based partners Rod Miller and Benjamin Miles, special counsel Lesley Janzen and associates Meg Dennard and Jordan Dror. The London-based Leveraged Finance/Capital Markets team was led by partner Alexandra Grant with associates Tom Neilson and Ben King.
