Sicpa in Debt Refinancing

July 2, 2004

Cleary Gottlieb represented Sicpa, a Switzerland-based global leader in inks and security solutions for bank notes, in a refinancing of its existing senior debt. The refinancing consisted of a €160 million offering of 9.75% senior notes due 2011, a CHF 170 million senior secured term loan and a CHF 50 million revolving credit facility. BNP Paribas and Credit Suisse First Boston acted as lead managers for the issuance of notes and lead arrangers for the new senior debt in the transaction, which closed today.