Shearman & Sterling advised Goldman Sachs International as sole underwriter on manufacturer Ontex’s offering of €75 million 7.5% Senior Secured Notes due 2018. Ontex will use the proceeds to fund its acquisition of Artsana Group’s Serenity business.
Pending closing of the Serenity acquisition, the proceeds of the €75 million temporary notes will be deposited into an escrow account. On completion of the acquisition, the temporary notes will be automatically exchanged for additional notes of the same value to be issued by Ontex.
Ontex is Europe’s leading manufacturer of private label hygienic disposable products. Serenity is a leading manufacturer and distributor of incontinence products in Italy.
The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included capital markets partner Jacques McChesney, counsel Rebecca Marques, associates Jonathan Handyside, Jason Banks and Melanie Probst and international trainee Ana Stefanovic Grbec; finance partner Julian Tucker and associate Chris White. PartnerCraig Gibian and associate Mary Jo Lang advised on tax aspects of the deal. Counsel Mehran Massih advised on environmental law related issues.
