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Kirkland & Ellis has landed a pair of prime mandates acting for longstanding private equity client Bain Capital.
The US firm’s City office advised on the refinancing of more than e500m (£427.7m) of debt for Bain portfolio company and South African retailer Edcon, while simultaneously acting for the buyout house on the e650m purchase of chemical distribution specialist IMCD.
The purchase of IMCD involved a multijurisdictional Kirkland team led by London corporate partners Jim Learner and Ross Allardice on the acquisition side of the deal, with finance partner Neel Sachdev advising on the financing of the transaction.
A Dutch Allen & Overy team advised seller AAC Capital Partners, the former private equity division of ABN Amro.
The purchase was funded by a senior tranche valued at e395m, provided by Lloyds TSB, ING and UBS, together with a e105m mezzanine facility from KKR mezzanine funds.
Clifford Chance senior partner Malcolm Sweeting acted for the senior lenders, while the mezzanine lender turned to US firm Proskauer Rose, with London-based English law finance head Michael Crosby leading.
The South African deal saw a Kirkland team featuring Sachdev, corporate partner Matthew Dean and New York corporate partner Joshua Korff acting for Edcon on the issue of a e500m high-yield bond and an additional R985m (£87.65m) senior secured loan to refinance existing indebtedness.
Shearman & Sterling acted for the banks on the deal, with London capital markets partner Ward McKimm leading. The banks were led by Goldman Sachs, with Barclays Capital, Deutsche Bank and Morgan Stanley also involved.
The bonds were issued within a week of the launch, into what Sachdev described as a “hot bond market”.
He added: “To get a bond away in that time period is virtually unheard of.”
Bain’s last major UK buyout came when it was part of a consortium, along with Advent International, that won an auction for the £2bn acquisition of RBS’s Global Merchant Services division.
eil Gotshal & Manges won the joint mandate for the two houses on that occasion, in August 2010.