White & Case has won the instruction to advise the lead arrangers providing the financing of Mittal Steel’s EUR26.9bn acquisition of rival Arcelor.
The deals will be financed through a EUR10.8bn syndicated loan, one of the biggest European deals of recent years. The loan consists of a EUR5bn and a EUR2.8bn acquisition line. The remainder of the loan (EUR3bn) will be used to finance existing debt.
A London-based White & Case team, led by banking partners Maurice Allen and Christopher Kandel, is acting for the lead arrangers Goldman Sachs, Citibank, HSBC, Commerzbank, Credit Suisse, Société Générale, Caja de Ahorros y Monte De Piedad de Madrid, Royal Bank of Scotland plc and Lloyds TSB Bank. Another White & Case partner Claire Dennison is advising issuer Rabobank.
Arcelor’s numerous stock exchange listings remain the main driver of legal complexity in the financing.
London-based Cleary partner Andrew Shutter is advising Mittal on the financing aspects of the acquisition.