Shearman & Sterling advised International Chemical Investors Group (ICIG) on the refinancing of CordenPharma group by way of a syndicated loan provided by a consortium of ING Bank, Bayerische Landesbank and Intesa Sanpaolo. The €60 million syndicated loan is split into a term loan and revolving credit facility and comprises an increase option.
International Chemical Investors is a privately owned industrial group that encompasses operating companies in the chemical and pharmaceutical industry with sales in excess of €2 billion. With approximately 6,000 employees, ICIG runs 29 industrial sites in Germany, Belgium, France, Great Britain, Italy, Netherlands, Poland, Switzerland and the US.
CordenPharma Group was formed by ICIG in 2006 as a pharmaceutical platform. With its subsidiaries in Germany, France, Italy, Switzerland and the US, CordenPharma is a full-service provider in Contract Development & Manufacturing (CDMO) of Active Pharmaceutical Ingredients (API), drug products and associated packaging services. With a network of ten facilities in Europe and the United States, CordenPharma generates sales in excess of €350 million and has more than than 1,700 employees.
The Shearman & Sterling team was led by partner Esther Jansen (Frankfurt-Finance) and included partner Steven Sherman (London-Finance); counsel Valerio Fontanesi (Milan-Finance); and associates Maria Iorno (Frankfurt-Finance), Adrien Paturaud (Paris-Finance), Andrea Giaretta (Milan-Finance) and Addison Pierce (London-Finance). The international Tax team was led by counsel Anders Kraft and included associate Astrid Mayer (both Frankfurt-Tax).