Mallesons Stephen Jaques, a leading law firm in the Asian region, has acted as Australian counsel for a Citibank led syndicate of banks providing new facilities for Sealed Air Corporation to acquire Diversey Holdings, Inc.
Sealed Air is the manufacturer of “bubble wrap” and a global leader in food safety and security, facility hygiene and product protection. Diversey is a leading solutions provider to the global cleaning and sanitation market. The acquisition brings together two complementary, leading global organisations focused on protection. The financing, which closed on Monday 3 October, included two senior secured term loan facilities and a new revolving credit facility, for a total loan amount of US$3billion. The transaction involved more than 10 jurisdictions, including Australia, Canada, Japan, UK and the US.
The Mallesons team was led by banking partner Richard Hayes who was assisted by senior associate Claire Rogers, associates Will Stawell and Herina Lee and law graduate Emma German. Shearman & Sterling LLP acted as US counsel for the banks.
Sealed Air was represented in Australia by Clifford Chance LLP and in the US by Simpson Thacher & Bartlett LLP.
Richard Hayes said “this was an interesting and challenging deal to work on and demonstrates that it is still possible to execute large international acquisition financing transactions despite the current turmoil in global financial markets”.
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