DLA Piper advises SNF Floerger on $500m refinancing by SPCM

DLA Piper has advised SNF Floerger, a producer of flocculants for water treatment, oil and gas applications (including enhanced oil recovery) and mineral extraction, on the refinancing by its holding company SPCM.

The $500m (£310m) transaction, which was successfully completed, involved the issuance of new high-yield notes in an amount of $250m listed on the Luxembourg Stock Exchange, whose purpose was mainly to repay the group’s existing credit facilities.

At the same time, SNF entered into a new senior revolving facility agreement, likewise in an amount of $250m.

The DLA Piper team was led by partner Noam Ankri (Paris, restructuring), with partners Guillaume Valois (Paris, tax) and Robert Gruendel (New York, finance) and associates Charles-Antoine Del Valle (Paris) and Glenn Reitman (New York).