Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
My Profile
KPP enters into binding agreements for the potential acquisition of a majority stake in Antalis
FRANCE (From news reports) -- Kokusai Pulp & Paper ("KPP") and SEQUANA SA have entered into an agreement, according to which KPP agreed to acquire 53,395,148 ordinary shares of Antalis SA held by Sequana, representing approximately 75.2% of Antalis' share capital and 82.5% of voting rights. The Sequana block would be acquired for a price per share equal to €0.10, subject to limited downward price adjustment on the closing date, as the case may be.

KPP and Bpifrance Participations have also entered into a share purchase agreement on the same day, according to which KPP agreed to acquire, and Bpifrance agreed to sell, 6,064,946 ordinary shares (approximately 8.5% share capital and voting rights) of Antalis, for a price per share equal to €0.40, subject only to the effective transfer of the shares held by Sequana to KPP.

The secured lenders include funds Kartesia, CVC, Cheyne and Whitebox as well as major financial institutions BNP Paribas, Natixis and HSBC.

Concurrently to the binding agreement, a restructuring agreement between KPP, Antalis and the lenders of Antalis' existing syndicated credit facility has been signed, providing for the refinancing of a partial reimbursement of the outstanding facility through a new financing granted by Mizuho Bank, and a write-off of the remainder.

Euronext-listed Antalis is the leading professional paper distributor and provider of packaging and visual communication solutions in Europe and the world (outside of the United States), with a presence in 41 countries and 115 distribution centres worldwide.

White & Case advised the senior secured lenders to Antalis with a team led by partners Saam Golshani (Picture) and Alexis Hojabr and included partners Franck De Vita, Samir Berlat, Alexandre Jaurett, Estelle Philippi (all Paris), Ben Davies and Nicholas Greenacre (both London), with support from associates Agathe Delalande, Céline Oréal, Alice Léonard, Margaux de Lembeye, Laure Elbaze, Dany Luu and Imane Bellafqih (all Paris).


Related Articles:

Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: