Elcoteq SE (Elcoteq, ELCAV at NASDAQ OMX Nordic and www.elcoteq.com), one of
the leaders in the electronic manufacturing services industry and the
communications technology field, has entered into a €100,000,000 facility
agreement to refinance its original €230,000,000 agreement. The new facility
agreement will mature at the end of April 2010.
The new credit facility is with the same bank syndicate and is designed to
cover the period during which Elcoteq is expected to finalize the equity project
to strengthen its balance sheet. Negotiations for a new long-term financing will
commence in the near future.
The advisory team was led by partner
Jura Junnila, primarily assisted by
Josefin Lonnborg, with additional support from associate
(all International, London). Junnila and his team provided Elcoteq with the
English law advice and supported them on their Finnish law needs. A team from
New York, led by partner
James Gelman, and assisted by associates Airi Tozaki and Brooke Skartvedt (all Capital Markets), provided Elcoteq with advice in
respect of their U.S. law requirements.
“It has been a great project for McGuireWoods to be involved in – providing
Elcoteq with a seamless service across a number of jurisdictions to achieve
refinancing in very challenging market conditions,” Junnila said.
“To me, it confirms our capabilities in this field and is the proof that our
merger in May with our new American partners allows us to answer the call of our
clients to serve them in jurisdictions where their needs arise. This is a
perfect example of how our cross-border legal and language skills provide client
support in a key deal such as this. It also indicates there is renewed
confidence in business prospects for 2010 – not only has the tunnel been found,
but the light in it is shining brightly,” Junnila added.
Advisers to the bank syndicate were Norton Rose.