Advanz Pharma Secures €615 Million in High-Yield Bond Offering
Deal News | Apr 14, 2025 | Paul Hasting
Paul Hastings LLP recently advised a syndicate of initial purchasers on a significant financial transaction conducted by Cidron Aida Finco SARL, a portfolio company of private equity firm Nordic Capital. The transaction involved the issuance of €615 million in 7% Senior Secured Notes and €250 million in 9% Senior Secured Notes, both due by 2031. Concurrently, Paul Hastings also advised on a €165 million additional term loan facility. Major participants in the syndicate included Goldman Sachs Bank Europe SE, J.P. Morgan Securities plc, Barclays Bank PLC, Intesa Sanpaolo S.p.A., Jefferies GmbH, Morgan Stanley & Co. International plc, and RBC Europe Limited. The legal advisory team from Paul Hastings was led by partners Ross Anderson and Ed Holmes, with support from associates and the firm’s Frankfurt office.
Sectors
- Pharmaceuticals
- Private Equity
- Finance
- Legal Services
Geography
- Europe – The transaction involves European institutions like Goldman Sachs Bank Europe SE, Morgan Stanley Bank International Limited, RBC Europe Limited, and is advisory of Advanz Pharma supported by European offices.
- International – The transaction involves global players like Jefferies GmbH, illustrating an international aspect to the financing round.
Industry
- Pharmaceuticals – The article is centered around Advanz Pharma, a specialty pharmaceutical company, involved in a significant financial transaction to bolster its operations.
- Private Equity – Nordic Capital, a prominent private equity firm, owns Advanz Pharma, making private equity a relevant industry in this context.
- Finance – The issuance of senior secured notes and term loan facilities is a financial transaction, placing finance as a major industry involved.
- Legal Services – Paul Hastings LLP provided legal advisory services for the transactions, engaging multiple legal professionals in this high-stakes financial activity.
Financials
- 615 million – Aggregate principal amount of 7% Senior Secured Notes due 2031.
- 250 million – Aggregate principal amount of 9% Senior Secured Notes due 2031.
- 165 million – Additional term loan facility amount.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Hastings LLP | Legal Advisor | Company | Provided legal advisory services for the bond offering and loan facility transactions. |
| Goldman Sachs Bank Europe SE | Joint Physical Bookrunner, Initial Purchaser | Company | Part of the financial institutions leading the bond offering and loan facility. |
| J.P. Morgan Securities plc | Joint Physical Bookrunner, Initial Purchaser | Company | Financial institution crucial in leading the bond offering. |
| Barclays Bank PLC | Joint Mandated Lead Arranger, Initial Purchaser | Company | Assisted in arranging and purchasing within the financing transaction. |
| Intesa Sanpaolo S.p.A. | Joint Mandated Lead Arranger, Initial Purchaser | Company | Played a role in arranging and managing the financing. |
| Jefferies GmbH | Joint Mandated Lead Arranger, Initial Purchaser | Company | Involved in assisting with the financial arrangement and purchase decisions. |
| Morgan Stanley & Co. International plc | Joint Physical Bookrunner, Initial Purchaser | Company | Part of the consortium of institutions arranging the bond and loan financing. |
| RBC Europe Limited | Initial Purchaser | Company | Participated in the bond offering purchase consortium. |
| Cidron Aida Finco SARL | Target Company | Company | The special purpose entity conducting the bond and loan offerings. |
| Nordic Capital | Private Equity Owner | Company | The private equity firm owning Advanz Pharma that enabled these transactions. |
| Ross Anderson | Legal Lead | Person | Partner at Paul Hastings LLP leading the legal team. |
| Ed Holmes | Legal Lead | Person | Partner at Paul Hastings LLP assisting with legal advisory. |