Shearman & Sterling acted as counsel to the initial purchasers represented by Goldman Sachs International and J.P. Morgan Securities plc, in connection with Ontex NV’s offering of €250 million aggregate principal amount of 4.75% Senior Secured Notes due 2021. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on November 14, 2014.
The proceeds from the offering will be used to repay Ontex’s existing Senior Secured Notes due 2018 and Senior Notes due 2019.
Ontex is a leading manufacturer of retailer branded and branded hygienic disposable products across Western Europe, Eastern Europe, Middle East and Africa, with 15 production facilities located across Europe, Turkey, Algeria, Russia, China, Australia and Pakistan.
The Shearman & Sterling team included partner Jacques McChesney (London-Capital Markets), associates Melanie Probst and Ana Grbec (London-Capital Markets) and legal assistant Judith Smit-Haffmans (London-Capital Markets). The team was also assisted by associates Yaw O. Asare (London-Capital Markets) and Arthur Ravignon (London-Capital Markets). Counsel Mehran Massih (London-Capital Markets) advised on environmental matters. Partner Kristen Garry (Washington, DC-Tax) and associate Ryan Roberts (Washington, DC-Tax) advised on tax matters. Associates Chris White (London-Finance) and Olivier Hensby (London-Finance) advised in relation to the escrow arrangements.