Clifford Chance has advised the Constellium Group on its refinancing efforts, involving a May 2014 private offering of two high-yield bonds, in both euros and dollars, and a revolving credit facility, for a total amount of over EUR 700 million.
Constellium, the global aluminum products manufacturer, benefited from guarantees granted by certain of its subsidiaries, comprising of:
a) EUR 300 million of unsecured notes maturing in 2021, at a rate of 4.625% per annum; and
b) EUR 400 million of unsecured notes, maturing in 2024, at a rate of 5.75% per annum.
Constellium was also granted an unsecured EUR 125 revolving credit facility.
Clifford Chance advised Constellium on all French, German, and Czech aspects of the transaction. The team was led by Partner Daniel Zerbeb, assisted by Partner Arne Kluwer, Counsel Julian Rocherieux, and Associates Alice Latour, Roy Charles Bates, Mortimer Berlet, Stefan Bruder, Vladimir Rylich, and Dominik Vojta.