Example of syndication

Quadrant AG, a leading global manufacturer of high-quality thermoplastic materials in the form of semi-finished and finished products, acquired Indiana-based Poly Hi Solidur Inc. ("PHS") in August 2005 from the Menasha Corporation (USA) packaging group.

PHS is the world’s largest manufacturer of semi-finished products and components made of ultra high molecular weight polyethylene, an important plastic material, and has a worldwide workforce of more than 1,000. As well as running its own development and marketing organisation, the company has production sites in France, Germany, Japan, South Africa, the UK and USA. Last year it generated sales of some USD 170 million. Applications for this material are in sectors such as material transport, mechanical handling, agricultural machinery, electricity transmission, medical technology, shipping, leisure equipment and food processing.

This acquisition was funded as part of a CHF 260 million syndicated loan that was also used to refinance Quadrant’s existing bank loans. Quadrant appointed UBS as sole lead manager of this financing package, with UBS providing full underwriting of the credit financing.