Linklaters advises Holcim on landmark financing transactions supporting the spin-off of its North American business
Linklaters has advised Holcim Ltd (“Holcim”) in connection with the landmark financing transactions supporting its US$30bn spin-off of the North American business, Amrize Ltd (“Amrize”).
These financing transactions were a critical step in optimising the capital structure of Holcim and Amrize post-separation, and included the following:
- a revolving credit facility with commitments of US$2bn and a bridge loan facility with commitments of up to US$5.1bn;
- US$3.4bn four-tranche bond offering by Amrize (guaranteed by Holcim until the completion of the spin off), completed on 7 April 2025, comprising US$700m 4.60% notes due 2027, US$700m 4.70% notes due 2028, US$1bn 4.95% notes due 2030 and US$1bn 5.40% notes due 2035, which was the largest U.S. dollar-denominated bond offering in Holcim group’s history;
- Establishment of Amrize’s US$2bn commercial paper program on 15 May 2025; and
- An exchange offer, completed on 18 June 2025, for six series of outstanding US dollar-denominated bonds originally issued by subsidiaries of Holcim for new bonds of corresponding maturity guaranteed by Amrize.
These transactions were critical milestones in the successful launch of Amrize as an independent, publicly listed company, which commenced trading on the New York Stock Exchange and Six Swiss Exchange on 23 June 2025.
Yaro Alekseyev, a London-based capital markets partner, led the Linklaters team on the debt capital markets transactions, supported by senior associate Scarlett Ying and associates Annie Caccimelio and Chaila Fraundorfer, alongside dedicated cross-practice teams in the firm’s capital markets and tax practice groups.
Danelle LeCren, a New York-based banking partner, led on the RCF and bridge facilities, supported by counsel Andreas Loera, senior associate Allan Paul Talde and associates Alfredo Hwang and Matthew Bopp.
