White & Case advises initial purchasers and bank syndicate on comprehensive €710 million refinancing of Kelvion

Global law firm White & Case LLP has advised a bank syndicate of initial purchasers, led by Deutsche Bank and J.P. Morgan SE, on the issuance of various financial instruments by Mangrove LuxCo III S.à r.l. and its subsidiaries for the early and full repayment of Kelvion’s existing restructuring liabilities.

The transaction included the issuance of €475 million senior secured floating rate notes due 2029 as well as a syndicated €170 million super senior guarantee facility and a syndicated super senior revolving facility of €65 million, each with a maturity of 4.5 years.

As part of the discharge of liabilities, White & Case also advised the banking syndicate on the release of collateral in 13 countries, which Kelvion had provided in 2019, in favor of restructuring creditors and the provision of security in five countries in connection with the refinancing.

Kelvion is a global manufacturer of industrial heat exchangers. It has been owned by international investment firm Triton since 2014.

The White & Case team which advised on the transaction was led by partners Vanessa Schürmann and Rebecca Emory (both Frankfurt) and included partners Gernot Wagner, Yannick Adler, Bodo Bender, Andreas Lischka, Sebastian Schrag (all Frankfurt), Joesph Brazil (New York), Jan Linda (Prague), Neeloferr Roy, Stefano Bellani (both Paris), Charles McConnell (Singapore), Grzegorz Abram (Warsaw) and Lionel Shawe (Johannesburg), local partners Daniel Rogits (Frankfurt) and Radek Kraus (Prague), counsel Alexander Born, David Santoro, Sascha Schmidt (all Frankfurt) and associates Jan-Christopher Wilhelms, Bethany Davies, Ann Marie Hovey (all Frankfurt), Iqra Bawany (New York), Michael Horelik, Dawid Ksiazek (both Warsaw), Maxim Arrazola de Onate (Brussels, Luxembourg), Rafael Galvez, Bettina De Catalogne (both Paris), Da Sol Choi (Milan), Marry Saragi, (Singapore) and Sboniso Cibane (Johannesburg)

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