Macfarlanes and Cravath, Swaine & Moore LLP have advised Paroc Group, a leading manufacturer of insulation materials, on a €60m revolving credit facility and a €430m high yield bond issue, and all related refinancing and intercreditor issues.

The Macfarlanes team included M&A partners Stephen Drewitt and Howard Corney with financing advice provided by banking and finance senior counsel Kirstie Hutchinson.

David Mercado in London led the Cravath high-yield securities team.

Stephen Drewitt comments "This is a great example of how the independent law firm model gives clients a compelling alternative to the global law firm offering.  Cravath has a leading reputation in the securities world.  Its expertise and market know-how, combined with our knowledge of the client and experience of European financing issues, gave the client a great team for the role.”