Howard Kennedy advises specialist materials group on multi-jurisdictional debt refinancing

Howard Kennedy has advised AIM-listed specialist quarried materials group SigmaRoc plc on the negotiation of cross-border funding facilities to partially fund its acquisition of CRH plc's European limestone quarry businesses in Germany, Poland, Czechia, England and Ireland.

The debt financing with Banco Santander and BNP Paribas included a €750 million senior term and revolving facility as well as a €125m senior bridge facility, with the acquisition valued at €1 billion. The transaction, subject to shareholder approval, will constitute a reverse takeover for SigmaRoc.

SigmaRoc has structured the deal as three separate transactions. The first – the acquisition of CRH's German, Czech and Irish lime businesses – was successfully completed on 04 January 2024.

CRH is an international group of diversified building materials businesses listed on the New York Stock Exchange with a market cap of approximately £35bn.

The Howard Kennedy team was led by the Head of Banking and Real Estate Finance, Patrick Keown. He was assisted by banking partner Hannah Place with support from Hayley Warmisham, Georgina Tyrell and Lauren Walton.

Patrick Keown said: "This is a remarkable acquisition for SigmaRoc, which will lay the foundation for the continued growth and strengthening of its business. As a long-standing adviser to the company, it is a pleasure to have represented them in these high-value, complex and multi-jurisdictional financing transactions."