Clifford Chance

Clifford Chance advises on €1.55 billion debt refinancing for SIG Combibloc

Leading international law firm Clifford Chance has advised the joint global coordinators and joint bookrunners on a €1.55 billion debt refinancing for the SIG Combibloc group (the SIG Group). The refinancing involved a €1 billion international offering of notes by SIG Combibloc PurchaseCo S.à r.l. (the Issuer) (comprising €450 million 1.875% Senior Unsecured Notes due 2023 and €550 million 2.125% Senior Unsecured Notes due 2025) and the entry into new sustainability-linked credit facilities (comprising a €550 million term loan facility and a €300 million revolving credit facility) by the Issuer and other SIG Group members.

The Issuer is a subsidiary of SIG Combibloc AG (SIX: SIGN) (SIG), a Swiss-headquartered systems and solutions provider for aseptic packaging. The net proceeds from the notes and the new credit facilities were used to fully refinance the SIG Group’s existing credit facilities.

The refinancing was a multi-office collaboration for Clifford Chance, with the offering being led by capital markets partner Per Chilstrom in New York, with senior associate Drew Rundus (LON), associate Joshua Damm (NY) and law clerk Sydney Sawyier (LON), and the new credit facilities being led by finance partners Charles Cochrane and Thomas Critchley in London, with associates Carson Lau (LON) and Emily Carling (LON), and trainee solicitor Toyo Odetunde (LON). Tax advice was provided by partner Avrohom Gelber in New York. A wider team from the Firm's Luxembourg and Germany offices also supported the matter.

Clifford Chance previously advised the joint global coordinators, joint bookrunners and co-lead managers on SIG's CHF 1.48 billion initial public offering and listing on the SIX Swiss Exchange in 2018.