A team from the international law firm Taylor Wessing led by Clemens Niedner, head of the Banking and Finance practice group, has advised Vetter Pharma-Fertigung GmbH & Co. KG (Vetter) on the conclusion of a syndicated financing in the amount of Euro 275 million. The revolving facility has a term of up to seven years and was self-arranged by Vetter via the web-based loan syndication platform vc trade and adapted to international loan market standards. The revolving facility is available for general working capital requirements and also offers Vetter the possibility to shortly and unbureaucratically increase the credit volume by up to a further Euro 110 million.
The facility is provided by a syndicate of five financial institutions, with SEB acting as documentation agent and mandated lead arranger, Commerzbank acting as agent and, together with DZ Bank, LBBW, Helaba and SEB, also as mandated lead arranger.
"With the chosen platform solution, Vetter sets standards when it comes to digitalising the arrangement process. To be able to make quick and selective investments on the basis of the new facility with an increase option and to raise the documentation to LMA standards was the declared and achieved goal of this transaction", Clemens Niedner explains the special nature of the mandate.
As an internationally active pharmaceutical service provider with 6,000 employees and a turnover of about 900 million Euros, Vetter works for numerous small as well as large customers in the pharmaceutical industry. The company manufactures licensed medicines on behalf of its clients and offers a wide range of development and packaging services for the pharmaceutical industry.
Legal advisors Vetter Pharma-Fertigung GmbH & Co. KG:
Taylor Wessing: Lead partner Clemens Niedner (Partner), Svenja Schiefer (Associate), both Banking and Finance, both Frankfurt am Main; Claudia Steegmüller (Partner) and Cezary Kinski (Associate), both Banking and Finance, both Vienna
Legal advisors to the lenders:
White & Case: Dr Sascha Schmidt, Dr Thomas Flatten both Banking and Finance, Frankfurt