Verallia’s High‑Yield Senior Secured PIK Debt Offering

Cravath represented the initial purchasers, led Credit Suisse, Barclays and Goldman Sachs International, in connection with the €350 million 144A/Reg. S high‑yield senior secured pay‑in‑kind (PIK) toggle debt offering of Horizon Parent Holdings S.à r.l., an indirect holding company of Verallia. Verallia offers a full range of glass packaging products globally to a variety of end markets in the food and beverage industry. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 16, 2017.

The Cravath team included partner Philip J. Boeckman and associates Christopher M. Hodges, Jan H. Penselin, Giorgio Ignazzi and Said Bakir.