Noerr has advised Novelis, a specialist in rolled aluminium products owned by India’s Hindalco Industries, on the refinancing of its USD1.8 billion term loan B line still existing after its acquisition by Hindalco.
The refinancing and restructuring transaction was handled by an international banking consortium under the lead of the British Standard Chartered Bank, for the first time with the involvement of numerous Asian, particularly Indian, banks.
The term of the refinancing transaction is five and a half years.
The Novelis Group was advised on German law by Noerr’s lawyers Sebastian Bock (partner) and Dr Ivan Zlatanov on legal issues and by tax advisers Dr Michaela Engel and Elisabeth Dworschak on tax issues.
The team had already advised Novelis last year on its issue of two high-yield bonds and on restructuring the group’s financing structure. The placed bond volume was USD2.65 billion.
Headquartered in Atlanta, US, Novelis is a global producer of rolled aluminium products. Its revenue in 2014 was close to USD10 billion.
