Wragge advises €3.6bn German deal
The Birmingham office of Wragge & Co has advised on two multi-million pound deals. The firm advised a German pharmaceutical wholesaler on its €3.6bn refinancing and Smiths News on a £135m banking facility.
The team advised German company Phoenix Pharmahandel on the UK aspects of its €3.6bn refinancing deal. This involved a €500m unsecured bond issue and a €2.6bn syndicated loan through the company's subsidiary Phoenix PIB Finance BV.
Edward Sunderland, banking director at Wragge & co and adviser on the deal, said: "This major, complex refinancing required expertise of handling multiple finance structures simultaneously and the ability to work seamlessly with advisers in 20 jurisdictions. It's exactly what we delivered, ensuring the project was completed successfully and to schedule."
With a turnover of €21.3bn, Phoenix has operations across Europe and almost 150 distribution centres in 23 countries.
Wragge & co advised on another major deal recently, supporting Smiths News on a £135m banking facility with a syndicate of five banks.
Partner Julian Pallett and associate Jonathan Segal advised the national newspaper, magazine and book distributor on the credit facility, which is secured until November 2014. It will replace the existing facility of £85m that was due to mature in June 2011.
Julian Pallett said: "A high-value transaction, the deal involved coordinating multiple advisers and providing commercial advice within challenging timescales. It's what we delivered. Our experience of advising major corporates on syndicated loan facilities ensured we completed the transaction within just two weeks."
Wragge & Co was appointed to Smiths News plc's full-service legal panel at the start of the year. Formerly part of the WHSmith Group, Smiths News PLC has a £1.7bn turnover.
