Slaughter and May advised CEVA Logistics AG on its comprehensive $1.4bn refinancing

Slaughter and May advised CEVA Logistics AG (CEVA), a leading contract logistics and freight management provider, on the refinancing of its existing financing arrangements (the Refinancing). The Refinancing follows CEVA’s successful IPO on the SIX Swiss Exchange earlier this year.

The Refinancing involved:

  • the establishment of a new senior secured credit facility agreement, comprising a $585,000,000 revolving credit facility and a $475,000,000 term loan B facility,  governed by English law (the Facilities); and
  • the issue of €300,000,000 of 5.25% senior secured high yield notes due 2025, governed by New York. The notes are to be admitted to trading on The International Stock Exchange (TISE) (the Notes).

The proceeds from the offering of the Notes and amounts drawn under the term loan B will have been used to repay amounts outstanding under certain of CEVA’s previous credit facilities, high yield notes and other debt, and for general corporate purposes. The revolving credit facility is available to be used for general corporate purposes and for the working capital requirements of the CEVA group.

The Facilities and Notes were arranged and co-ordinated by HSBC and Credit Suisse.

Akin Gump Strauss Hauer & Feld LLP advised CEVA with respect to US federal and New York state law aspects of the Refinancing.

Azadeh Nassiri Partner
Susan Hughes Partner
Robert Longman Associate
Gareth Miles Partner
Samuel Franklin Associate