London Office Provides Cross-Border Advice to Elcoteq SE in €100,000,000 Multicurrency Revolving Bridge Facility

December 9, 2009

Elcoteq SE (Elcoteq, ELCAV at NASDAQ OMX Nordic and, 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 associate Josefin Lonnborg, with additional support from associate Claire Martin (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.