Wragge & Co has advised Germany’s largest pharmaceutical wholesaler, Phoenix Pharmahandel, on the UK aspects of its €3.6 billion refinancing. A team led by corporate partner Jeremy Millington and banking director Edward Sunderland advised in connection with the complex refinancing. This involved a €500 million unsecured bond issue and a €2.6 billion syndicated loan through the company’s subsidiary Phoenix PIB Finance BV. Hengeler Mueller was the lead firm advising Phoenix Pharmahandel.
Edward Sunderland said: “This major, complex refinancing required expertise of handling multiple finance structures simultaneously and the ability to work seamlessly with advisers in 20 jurisdictions. It’s exactly what we delivered, ensuring the project was completed successfully and to schedule.”
Corporate associate Ragi Singh, solicitor Hannah Salmon and banking solicitor Kazi Rahman supported. Wragge & Co’s dedicated Transaction Services team completed the due diligence. The team worked closely with Phoenix Pharmahandel’s head of legal, Olaf Teichert.
With a turnover of €21.3 billion, Phoenix has operations across Europe and almost 150 distribution centres in 23 countries. The company delivers drugs to more than 12,000 independent pharmacies. It will use the financing to strengthen the balance sheet as it prepares for future growth.
Wragge & Co’s full-service finance practice advises banks, corporates, private equity companies and public bodies on a full range of instructions. The team’s highlights include advising Sanctuary Group on a £120 million secured bond issue. The firm’s finance experts also acted for HSBC Bank plc on its £70 million term and revolving credit facility to undersea power cable manufacturer JDR Cable Systems.
