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Milbank LLP’s Leveraged Finance/Capital Markets team advised the initial purchasers in connection with the issuance of €350 million of 7.25% Senior Secured Notes due 2027 by LSF XI Magpie Bidco BV/SRL, and certain other financing aspects in relation to the acquisition of Manuchar NV (“Manuchar”) by affiliates of Lone Star Funds.
The proceeds of the bond offering will be used to finance the acquisition, refinance certain existing indebtedness of Manuchar and its subsidiaries, fund cash on the balance sheet, and fund fees and expenses. Manuchar is a leader in dry bulk chemical distribution in emerging markets, and a provider of complementary sourcing and logistics services through its extensive network of distribution, warehousing and port operation facilities.
The Milbank team was led by European Leveraged Finance and Capital Markets partners Rebecca Marques, Sarbajeet Nag and Suhrud Mehta. The team was supported by special counsel Joji Ozawa and associates Jennifer Pence, Eugenia Repetto, Philipp Engel, Henry Madell, Pranahita Srinivas and Vasujith Ram. The team also included New York Tax partner Andrew Walker, special counsels Craig Cohen and Alan Rafferty and associate Pranav Subhedar.
