Norton Rose Fulbright has advised Rabobank on the EUR85 million refinancing of a 2012 loan facility to Pickenpack, a leading supplier and distributor of private label/co-pack frozen seafood products in Europe.

A cross-border team comprising lawyers in Hong Kong, Frankfurt and Paris worked on the transaction, a multi-tranche borrowing base facility, including a complicated release and security arrangement in multiple jurisdictions, arranged by Rabobank Hong Kong, Unicredit Bank AG, Deutsche Bank AG Filiale Deutschlandgeschäft and China CITIC Bank International Limited.

Members of the Pickenpack Group provide value-added products including frozen fish fingers, nuggets and gourmet fillets for the retail and catering market as well as for food service. They have extensive distribution networks to numerous wholesale and retail outlets, supermarkets and food service units all over Europe.

Davide Barzilai, partner, Norton Rose Fulbright commented:

“The refinancing involved a complicated release mechanism and security package in multiple jurisdictions. This was a borrowing base facility involving complex cross-border security issues. We worked together across three international offices to achieve financial close in a tight timeframe.”

The Hong Kong team was led by partner Davide Barzilai, assisted by Rick Wei and Virginia Lee. The Frankfurt team was led by partner Oliver Sutter, assisted by Bernhard Fiedler, Lenka Michalko and Mid-Eum Joo. The Paris team was led by partner Janet Butterworth, assisted by Geraldine Eberhardt and Cecile Alet.

Appleby advised on Bermuda law and Harneys advised on Cyprus law.