Milbank Advises on c.$2.07B Cross-Border Loan and Bond Financing for L Catterton’s Acquisition of Birkenstock

Milbank’s leveraged finance/capital markets team advised the lenders in connection with a c.$2.07B cross-border Euro and US Dollar Loan and Bond financing comprising a €375 million EUR senior term loan facility, an $850 million senior term loan facility and a €200 million cross-border ABL facility and €430 million of 5.25% Senior Notes due 2029.

The proceeds of the debut term loan and bond issuances helped fund the acquisition of Birkenstock by L Catterton, one of the largest and most experienced consumer-focused private equity groups established in 2016 through a partnership among Catterton, LVMH and Groupe Arnault.

Birkenstock is an iconic brand globally renowned for crafting high-quality, durable footwear. With a proud heritage that dates back to 1774 in Langen-Bernheim, Germany, Birkenstock has evolved into one of the foremost footwear brands in the world, selling approximately 23 million units in nearly 100 countries worldwide.

The Milbank team was led by European Leveraged Finance and Capital Markets partners Suhrud Mehta, Apostolos Gkoutzinis, Sarbajeet Nag and special counsel Ana Grbec in London, Leveraged Finance special counsel Meir Hornung in New York and Leveraged Finance partner Barbara Mayer-Trautmann in Munich. The team was supported by associates Zoe Halliday, Melanie Probst, Melchior Raiser, Taylor Andrews, Michael Gatter, Henry Madell, Abbey Dalgleish, and Kristian Sutt. The team also included London Tax partner Russell Jacobs and associate James Seddon as well as New York Tax partner Andrew Walker and associate Ben Heller.