united biscuits

Weil Gotshal & Manges advised the sponsors when a group of investors including Nabisco, Cinven, Paribas Affaires Industrielles and DE Capital Partners bought United Biscuits for £1.3bn in April last year. So it was natural that the New York law firm advised United Biscuits on its bond offer and unsurprising that it will now continue to handle US-related high-yield work for the company.

The money raised from the high-yield debt offering was used to repay the bridge loan that arose from the acquisition. High yield is expected to continue to be an important part of leveraged buyout financing, either as part of the initial financing or as the bridge take-out financing. The deal is unusual because while there has been a significant amount of high-yield work this year, many of these have been offerings by repeat issuers.