Slaughter and May is advising ISS, one of the world's leading facility services companies, on the refinancing facilities which have been put in place in connection with its proposed IPO of ordinary shares. If it goes ahead the IPO will reportedly be one of the biggest Nordic flotations since the financial crisis.

ISS’ intended IPO and listing on NASDAQ OMX Copenhagen, which was announced on 18 February 2014, is expected to consist primarily of an issue of new ordinary shares to raise proceeds of approximately DKK 8 billion. Proceeds from the IPO are proposed, together with amounts drawn under the new banking facilities agreement put in place subject to the IPO, to repay existing credit facilities during the course of 2014.

In connection with the IPO, a partial sell-down of existing ordinary shares is expected by certain funds advised by EQT Partners and funds advised by affiliates of Goldman Sachs Group, Inc. indirectly through a co-owned entity. OTPP and KIRKBI do not intend to sell shares in connection with the IPO.

The IPO follows previous proposed exits by certain private equity shareholders, namely the postponed IPO and failed takeover by G4S in 2011 on which Slaughter and May, Gorrissen Federspiel and Davis Polk & Wardwell LLP also advised.

The entry into the new facilities agreement and preparations for repayment of existing credit facilities involves advice spanning 23 countries across the globe in Asia Pacific, Europe, the Americas and the Middle East. Slaughter and May is working with teams in each of those jurisdictions in a similar way to previous advice provided to ISS on various extensions of and amendments to ISS’ credit facilities in 2011 and 2013.

Gorrissen Federspiel is advising ISS on the IPO and related financing as to Danish law and Davis Polk & Wardwell LLP is advising ISS on the US legal aspects of the IPO.

CONTACTS

Financing: Robert Byk (partner), Matthew Tobin (partner), Ivo Stourton (associate), Nicole Mangion (associate), Miriam Simsa (associate), Kevin Howes (trainee), Tanith Horner (trainee)

Gorrissen Federspiel: Corporate: Niels Heering (partner), Rikke Schiøtt Petersen (partner); Financing: Tobias Linde (partner)

Davis Polk & Wardwell LLP: Corporate: Paul Kumleben (partner)