Latham & Watkins has advised the arrangers on a €2.3 billion equivalent dual-tranche TLB leverage financing for the French veterinary pharmaceutical group, Ceva Santé Animale. The proceeds were used to refinance the Group’s existing senior facilities and to finance a distribution. The transaction included a €1.8 billion tranche syndicated in Europe and a US$540 million tranche syndicated in the US. The transaction represents one of the largest syndicated TLB financings in Europe in 2023.
Ceva Santé Animale is the leading French animal health company and the 5th largest player in the world, providing animal innovative products, equipment, training, technical support, data analysis, and specialised services.
Barclays and JP Morgan acted as joint physical bookrunners for the euro tranche and JP Morgan acted as sole physical bookrunner for the dollar tranche. Credit Agricole, Natixis, and Nomura acted as joint bookrunners for both tranches.
The Latham team was led by Paris finance partner Xavier Farde, with counsel Aurélie Buchinet and associate Bruna Neiva Cardante; London partner Dan Maze, with associates Jade Carine and Rowena McCaughan; and New York partner Melissa Alwang, with associates Sam Chaturvedi and Rebecca Tan. Advice was also provided on capital markets matters by Paris partner Thomas Margenet-Baudry, with associate Laurie Tomassian; on tax matters by Paris partner Olivia Rauch-Ravisé, with associate Jean-Baptiste Bourbier; and on US tax matters by New York partner Jiyeon Lee-Lim.