Wepa’s €550 Million High Yield Bond Offering

Mayer Brown advised Wepa Hygieneprodukte GmbH on the offering.

The dual-tranche offering consists of €350 million 2.875% Senior Secured Fixed Rate Notes due 2027 and €200 million Senior Secured Floating Rate Notes due 2026. The purpose of the offering was primarily to refinance Wepa’s existing €450 million 3.750% Senior Secured Notes due 2024 as well as to finance expansion projects. The new high yield notes will be listed on The International Stock Exchange.

Wepa Hygieneprodukte GmbH, a family-owned company headquartered in Arnsberg, Germany, is one of the leading tissue producers in Europe. Wepa produces paper products from wood pulp and recycled paper, and offers products such as sanitary and toilet papers, kitchen rolls, paper handkerchiefs and towels, cosmetic wipes, and de-inking pulp.

The Mayer Brown team was led by Capital Markets & Leveraged Finance partner Bernd Bohr (London; Picture) and Corporate & Securities counsel Jan Streer (Düsseldorf), supported, among others, by Corporate & Securities partner Marco Wilhelm (Frankfurt), Head of Banking & Finance Germany Patrick Scholl (Frankfurt) and Corporate & Securities associates Anne Bagdons (Frankfurt) and Anja Schwietering (Düsseldorf).

Involved fees earner: Anne Bagdons – Mayer Brown; Bernd Bohr – Mayer Brown; Patrick Scholl – Mayer Brown; Anja Schwietering – Mayer Brown; Jan Streer – Mayer Brown; Marco Wilhelm – Mayer Brown;

Law Firms: Mayer Brown;

Clients: Wepa Hygieneprodukte GmbH;