Eagle Intermediate Global Holding and Ruyi US Finance’s €250 Million High?Yield Senior Secured Notes Offering

Cravath represented the initial purchasers, J.P. Morgan Securities and Barclays, in connection with the $690 million and €250 million 144A/Reg. S high?yield senior secured notes offering of Eagle Intermediate Global Holding B.V. and Ruyi US Finance LLC.

Proceeds of the offering will be used to finance the acquisition of Arteva Global Holdings B.V. and A&AT LLC, one of the world’s leading apparel technology companies and owner of a number of well-known brands, including the LYCRA® brand. Eagle Intermediate Global Holding B.V. is a portfolio company of Shandong Ruyi. The acquisition was backstopped by a senior secured bridge facility commitment also led by J.P. Morgan and Barclays. The offering closed on May 4, 2018.

Eagle Intermediate Global Holding B.V. manufactures manmade fibers, including spandex, polyester, and nylon. The company is headquartered in Amsterdam, the Netherlands.

The Cravath team included partners William V. Fogg (Picture) and Michael E. Mariani and associates Jeremy S. Lerner, Justin B. Stein and Carys A. Johnson on securities matters; partners J. Leonard Teti II and Christopher K. Fargo and associate Arvind Ravichandran on tax matters; and partner Stephen M. Kessing and associate Stanley I. Onyeador on banking matters.

Involved fees earner: William V. Fogg – Cravath Swaine & Moore; Michael Mariani – Cravath Swaine & Moore; Justin Stein – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Arvind Ravichandran – Cravath Swaine & Moore; Stephen Kessing – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Barclays Bank; JP Morgan Securities;

Author: Ambrogio Visconti