A&O has advised the banks, led by Barclays, in connection with a EUR400m add-on financing for Eviosys (formerly the EMEA tinplate packaging division of Crown Holdings). The deal marks the first syndicated dividend recapitalisation in the European market in 2023.
Eviosys is a market leader in sustainable metal packaging, with the company’s name meaning “sustainability” in Greek. Strong demand for the TLB offering saw its increase to EUR400m, with pricing at the tight end of expectations.
Nicholas Clark, the Allen & Overy partner who led the team, commented “This financing demonstrates a return of market appetite for transactions of this type where the issuer has an established track record of strong performance. Our ability to provide the banks with Dutch, French, German, Italian and Spanish advice alongside that of our UK team also showcased the strength of our pan-European leveraged finance practice.”
Eviosys was acquired by KPS Capital Partners in 2021, when it was carved out from Crown Holdings. A&O previously advised the underwriters on the EUR1.8 billion loan and high yield bond financing in support of the acquisition.
Advice from Amsterdam, Madrid, Milan, Munich and Paris was led by partners Erik-Jan Wagenvoort, Ignacio Ruiz-Camara, Stefano Sennhauser, Walter Uebelhoer and Julien Roux. The London A&O team also included associates Simba Gonondo, Andreas Georgiades and Jack Dryden.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
The advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
