King & Spalding Represents Henkel on $3.6 Billion Acquisition Financing

King & Spalding advised Henkel – a leading Germany-based manufacturer of home care, beauty and adhesive products – on the $3.6 billion acquisition financing for its purchase of US detergent and household products business Sun Products Corporation.

Henkel purchased the company from Vestar Capital Partners, making Henkel the second largest laundry care business in North America. The Sun Products Corporation, headquartered in Wilton, Connecticut, manufactures household products that include Snuggle, Wisk, Surf and Sunlight.

The deal was funded by a $3.6 billion debt package arranged by BNP Paribas Fortis SA/NV, Deutsche Bank AG and J.P. Morgan Limited. The underlying credit agreement was signed on July 21.

King & Spalding acted for Henkel on the acquisition financing. The cross-border team was led by London and Frankfurt-based finance and restructuring partner Dr. Werner Meier. London partner John Taylor worked on FATCA matters, while New York partner John Sweet and Frankfurt partner Dr. Axel Schilder provided US and German tax advice, respectively. New York partner Cecilia Hong advised on US banking issues.

“Henkel is a long-standing and regular client of mine, stretching back almost a decade to when I first advised the company on a €2.6 billion financing for the acquisition of the adhesives and electronic materials businesses of AkzoNobel in 2007,” Meier said. “I am extremely pleased to have continued this relationship and assisted in such a significant and strategic cross-border investment for the company.”

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