July 23, 2020
Weil represented the initial purchasers and lead arrangers on a €1.6 billion financing for Verisure, a provider of monitored alarm solutions in Europe and Latin America and portfolio company of Hellman & Friedman. The successful financing, which was upsized from the originally contemplated €1.0 billion aggregate amount, consisted of €800 million 3 7/8% senior secured notes due 2026 and an €800 million senior secured term loan facility. The net proceeds of the financing, which closed on July 20, 2020, were used to refinance existing term loan debt.
The transaction follows Verisure’s issuance in April 2020 of €200 million floating rate senior secured notes due 2025, in which Weil represented the initial purchasers. The April transaction represented the first issuance in the European high yield market since the COVID-19 related lockdown.
The Weil team on the July transaction was led by Banking & Finance partners Patrick Bright, Reena Gogna and Nitin Konchady, and included counsel Mae Morter, associates Antony Serban, Abgail Kalonga, Sandra Fadel and Matthew Kordowski and trainee associates Douglas Collins and Jonathan Bell.
The team on the April transaction was led by Banking & Finance partners Patrick Bright and Reena Gogna, and included associates Christopher Wall, Abgail Kalonga, Sandra Fadel and Matthew Kordowski and trainee associate Jonathan Bell.