We advise on financing and bond issue of Securitas

November 23, 2015

We advise on financing and bond issue of Securitas
We advise on financing and bond issue of Securitas

The funds affiliated with Hellman & Friedman LLC ("H&F") acquired Bain Capital's interests in Securitas Direct (Verisure Group). This acquisition places H&F in a position of majority shareholder, along with the company’s administrative team. The transaction represents H&F's greatest investment in its 30-year history as one of the most successful and respected venture capital firms in the world. 

Cuatrecasas, Gonçalves Pereira advised the banks involved, including Goldman Sachs International, Morgan Stanley & Co, Bank of America Merrill Lynch and HSBC Bank, on the financing and issue of bonds worth €3.7 billion.  

Íñigo de Luisa, partner in our Corporate and Commercial Practice, highlighted the complexity of the financing operation “due to its structure, amount (€2.3 billion), number of participating banks, deadlines handled and the different jurisdictions involved. It has undoubtedly been a good opportunity to show the combined capacities of the Spanish and Portuguese finance teams, particularly as Iberia represents a significant part of the Securitas Group's business, and the guarantees of the respective subsidiaries were fundamental.”  

Regarding the bond issue, Jaime de la Torre, partner in our Corporate and Commercial Practice, highlighted that “The joint completion of two high-yield issues, first a senior unsecured bond issue worth €700 million and almost simultaneously a second issue of €700 million of senior secured bonds by, among others, two Spanish companies, ESML SD Iberia Holding, S.A.U. and Securitas Direct España, S.A.U.”    

The good coordination between many lawyers from the LondonMadrid and Lisbon offices was key for the completion of these transactions.

 

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