Shearman & Sterling represented ENCE Energıa y Celulosa, S.A. (“Ence”), a Spanish issuer listed on the Madrid Stock Exchange, in a high yield bond offering of €250 million Senior Secured Notes due 2020 and a revolving credit facility of €90 million. The Notes will be senior secured obligations of Ence and will be guaranteed on a senior secured basis by certain of Ence’s subsidiaries.
ENCE is the largest Bleached Hardwood Kraft Pulp (“BHKP”) producer in Europe, focused on eucalyptus pulp, with a significant co-generation and renewable energy generation business.
The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included partners Jacques McChesney (London-Capital Markets) and Caroline Leeds Ruby (London-Finance) and counsel Paul Clews (London-Capital Markets), assisted by associates Kara Major (London-Capital Markets), Randy Nahle (London-Capital Markets), Dimosthenis Papanikolaou (London-Capital Markets), Caitlin Ludwigsen (London-Capital Markets), Cecilia Ferreira (London-Capital Markets), Melissa Gainsford (London-Finance), and Shane Burke (London-Finance) and trainees Amy Watt (London-Finance), Catherine Kempsey (London-Finance) and Isla Smith (London-Finance). Partners Craig Gibian (Washington, DC-Tax) and Ian Scoon (London-Tax) and associates Mary Jo Lang (Washington, DC-Tax), James Leslie (London, Tax) and Jack Prytherch (London, Tax) advised on tax aspects of the transaction. Counsel Mehran Massih (London-Environmental) advised on environmental aspects of the transaction.
