Global law firm White & Case LLP has advised the initial purchasers and lenders on Assemblin Caverion Group’s upsized offering of €1.28 billion high yield notes and €495 million (equivalent) RCF/guarantee/pensions facilities.
The senior secured notes will be listed on The International Stock Exchange (Official List) and are issued under New York law (144A/Reg S). The proceeds of the notes are to be used to refinance the company’s existing indebtedness and to partially repay a shareholder bridge loan entered into in connection with the combination between Assemblin Group and Caverion Corporation.
Triton-owned Assemblin Caverion Group is a leading northern European technical service and installation company formed in April 2024 through the combination of Assemblin Group and Caverion Corporation. It has operations in Sweden, Finland, Norway, Austria, Germany, Denmark and the Baltics, with annual sales of €3.8 billion and approximately 21,500 employees.
White & Case previously advised the financing parties on numerous high yield and loan financings for Assemblin, including on Assemblin’s €250 Million Senior Secured Floating Rate Notes and New Super Senior Facilities in 2019 and Assemblin’s €660 million high yield bond and financing facility in 2023.
The White & Case team which advised on the transaction was led by partners Magnus Wennerhorn (Stockholm), James Greene and Shane McDonald (both London) and included partners Chad McCormick (Houston) and Tanja Törnkvist (Helsinki) and associates Adebola Ogunsanya, Jack Elliott, Dionne Boahene (all London), Erik Holm (Stockholm), Pauliina Heikkonen (Helsinki) and Jessica Snowy Chen (Los Angeles).
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