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High yield in London

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP is a firm that focuses exclusively New York law deals, predominantly for issuers, though it is also active on the underwriter side The firm has ‘perfect knowledge and understanding of existing documentations and market practices, strong negotiation skills, and the ability to innovate to reach the best possible deal for the client‘. It has has notable expertise in executing complex, cross‑border high yield bonds issued in multiple currencies. London managing partner and co-head of EMEA capital markets Philip Boeckman is ‘a very commercial, pragmatic and knowledgeable individual‘ and clients remark that he is ‘consistently available, calm and solution-focused‘. Key partner George Stephanakis represented the initial purchasers in a £500m 144A/Reg S high-yield senior secured notes offering of Bellis Acquisition Company plc, of which Asda is a subsidiary. Alyssa Caples represented Picard Groupe S.A.S., Lion/Polaris Lux 4 S.A. and Picard Bondco in connection with a €1.71bn 144A/Reg. S high-yield sustainability-linked fixed rate/floating rate senior secured and senior notes offering. European counsel Margaret Rallings played a key role in the firm’s work for Premier Foods Finance plc in its £330m Reg S high-yield senior secured notes offering.

Responsables de la pratique:

Philip Boeckman

Autres avocats clés:

George Stephanakis; Alyssa Caples; Margaret Rallings

Les références

‘Perfect knowledge and understanding of our existing documentations and market practices.’

‘Strong negotiation skills and the ability to innovate to reach the best possible deal for the client.’

‘Most of the interactions I have are with George Stephanakis for whom the above remarks are applicable.’

‘Philip Boeckman is a very commercial, pragmatic and knowledgeable individual in this area. He is consistently available, calm and solution-focused.’

‘Strong commitment to timetable, long-term relationship, extremely knowledgeable in financial markets, strong institutional knowledge which makes every new deal very smooth.’

Principaux clients

Barclays

Casino Group

Credit Suisse

Goldman Sachs

Goldstory

J.P. Morgan

Lion Capital

Morgan Stanley

NH Hotel Group

Picard Groupe

Premier Foods

Sappi

Principaux dossiers

  • Represented the initial purchasers in the £500 million high-yield senior secured notes offeringof Bellis Acquisition Company (ASDA).
  • Represented Picard Groupe in a €1.71 billion high-yield sustainability-linked fixed rate/floating rate senior secured and senior notes offering.
  • Represented NH Hotel Group in its €400 million high-yield senior secured notes offering.

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP is ‘exceptionally good as far as bonds are concerned – efficient, responsive, professional and reliable‘, remarks one client, adding that ‘there are probably cheaper options out there but the firm is worth the money‘. Widely regarded as a leading sponsor-side firm, it is frequently involved on behalf of initial purchasers in high-value, cross-border deals. William Burke leads the practice and he has ‘the ability to seemingly be in five different places at once and always in a position to provide thoughtful feedback‘. Matthew Merkle consistently represents private equity sponsors and issuers in high-yield debt offerings in connection with leveraged buyouts, initial public offerings and other complex financings. Cedric Van den Borren ‘delivers best-in-class service‘. He advised Iliad Holding on a €3bn equivalent four-tranche issuance of US-dollar and Euro-denominated senior secured notes. Up-and-coming partners Morgan Hill and Tim Volkheimer (who is ‘a cut above the rest‘) also play pivotal roles in the practice.

Responsables de la pratique:

William Burke

Autres avocats clés:

Cedric Van den Borren; Matthew Merkle; Antoine Lebienvenu; Morgan Hill; Tim Volkheimer

Les références

‘Kirkland & Ellis is well known and highly regarded for their expertise in the field of leveraged finance.’

‘Cedric van den Borren and Antoine Lebienvenu are partners that make a difference. They deliver best in class service.’

‘Kirkland London team advises us when we issue bonds.’

‘Kirkland is exceptionally good as far as bonds are concerned.’

‘They are efficient, responsive, professional and reliable. There are probably cheaper options out there but Kirkland is worth the money.’

‘Our main contact is Matt Merkle. Matt is an outstanding lawyer. He is professional, friendly and reliable. In almost 2 years I don’t think there’s been a single time when he did not answer my email within 30 minutes. This includes weekends and holidays. Matt is exceptionally hard working and he always delivers.’

‘Kirkland does many things well, but really stand out in its thoughtful and proactive approach. They go above and beyond to be problem solvers versus just taking a ‘cookie cutter’ approach to a given situation.’

‘I see Bill Burke as a real difference maker. He has the ability to seemingly be in five different places at once and always in a position to provide thoughtful feedback. I think that really sets the tone for the whole team at Kirkland.’

Principaux clients

Option Care Health, Inc.

Iliad Holding S.A.S.

PAI Partners

Centerbridge Partners

APCOA Parking

United Group B.V.

Sani/Ikos Financial Holdings 1 S.à r.l.

Pizza Express

Bain Capital Parts Holding Europe

Credit Suisse Securities

Goldman Sachs Bank Europe

J.P. Morgan

Investindustrial Industries S.A.

Transcom Holding AB (publ)

GoldenTree Asset Management

Maxeda DIY Holding

Compact Bidco B.V.

L Catterton

CBR Fashion Group

Nexi S.p.A.

Strategic Value Partners (UK) LLP

TI Fluid Systems Plc

Car, Inc.

Partners Group

Spa Holdings 3 Oy

LSF9 Balta Issuer S.à r.l.

SVPGlobal

Principaux dossiers

  • Advised Iliad Holding S.A.S., a company controlled by Xavier Niel, in connection with the debt financing of the simplified public tender offer for the shares of Iliad S.A., a company listed on Euronext Paris.
  • Advised Pizza Express on its offering of £335 million of bonds and entry into its new super senior revolving credit facility.
  • Advised L Catterton in the offering of €430,000,000 in aggregate principal amount of 5.25% Senior Notes due 2029 as part of the financing for the acquisition of the Birkenstock Group.

Latham & Watkins

Latham & Watkins has the biggest high yield practice in London and its lawyers are ‘extremely smart and responsive and practical‘. One client remarks that they are ‘affectionately known as the Latham superheroes‘ and together make up ‘the best all around team in high yield‘. Widely regarded as the the pre-eminent law firm for the full range of high yield debt products in Europe, it also brings in top-level expertise in regulatory and compliance matters, both in Europe and across its global network. Brett Cassidy leads the practice, which has ‘an excellent bench of leading individuals‘, among them Scott Colwell, Jennifer Engelhardt and Matthew Schneider, who are ‘go to partners for any advice relating to high yield‘. Jocelyn Seitzman assisted PureGym and Leonard Green & Partners with the issuance of €45m in notes by one of the UK’s leading gym operators. Francesco Lione is another highly regarded partner and he acted in one of the most high-profile deals of 2021, advising the Issa brothers on TDR Capital’s £6.8bn acquisition of Asda. Emerging partner talent Fritz Ernemann and associate Pat Kwak are also highly regarded by the market.

Responsables de la pratique:

Brett Cassidy

Autres avocats clés:

Jocelyn Seitzman; Scott Colwell; Jennifer Engelhardt; Francesco Lione; Fritz Ernemann; Matthew Scheider; Pat Kwak

Les références

‘Excellent bench of leading individuals, like Jenn Engelhardt and Scott Colwell.’

‘Jenn, Scott and Matt Schneider are all key go-to Partners for any advice relating to HY.’

‘Extremely smart and responsive and practical.’

‘Best all around team in HY.’

‘Latham bring the A Team to every assignment. Commitment, expertise, commercial application are all 2nd to none, we cannot rate them highly enough. This really is a case of, you get what you pay for!’

‘Affectionately known as the Latham superheroes. All of the individuals we’ve worked with on our high yield projects have been exceptional.’

‘In their field, their relentless work ethic and interpersonally.’

‘They work alongside us to understand our needs and support us every step of the way, often going above and beyond. Most definitely not your average corporate robots!’

Principaux clients

Credit Suisse

HSBC

Goldman Sachs

Bank of America

J.P. Morgan

EG Group

CVC Capital Partners

Hellman & Friedman

Permira Advisers

Harbour Energy

Principaux dossiers

  • Advised the Issa brothers, founders and co-CEOs of EG Group, and TDR Capital LLP, a leading UK-based private equity firm, on the financing for the acquisition of Asda Group Limited (Asda), the third largest grocery retailer in the UK, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis.
  • Advised Goldman Sachs International and HSBC as initial purchasers of senior secured notes, placement agents, and revolving credit facility (RCF) banks.
  • Advised Tullow Oil plc, a large UK listed independent energy company on the refinancing of its c. US$2.4 billion debt.

Milbank

Milbank has ‘a team of exceptional individuals who are distinguished by their in-depth knowledge of the high yield market and their ethos and professionalism‘. One client notes that ‘the people are friendly, helpful and set and achieve quick deadlines to make the deals smoother‘. Though not the largest group in the market, the practice focuses on the most complex and high-value deals, often cross-border in nature. Practice head Apostolos Gkoutzinis is ‘the guru of the high yield market‘ and one client says that ‘there is no other high yield partner in London with greater and deeper connections inside the Greek market‘. Gkoutzinis and Rebecca Marques advised the underwriters of the $5bn bond and loan financing for Brookfield’s acquisition of Modulaire Group. Key partner Tim Peterson acted for Ferroglobe PLC in the restructuring of the company’s senior notes, which included extensions of maturity and additional debt and equity capital. Part of the transaction was a private placement of $40m of super senior notes. Emerging partner talents Randy Nahlé and the ‘star addition to the partners’ group‘ Ana Grbec play pivotal roles in the practice.

Responsables de la pratique:

Apostolos Gkoutzinis

Autres avocats clés:

Rebecca Marques; Tim Peterson; Randy Nahlé; Ana Grbec

Les références

‘It’s a team of exceptional individuals who are distinguished by their in-depth knowledge of the HY market and their ethos and professionalism. It’s the team with the deepest knowledge and greatest connections in the Greek market as well as strong connections with sponsors. It is comprised of an extremely hard-working and diverse group of people.’

‘Apostolos Gkoutzinis is the guru of the high yield market. There is no other HY partner in London with greater and deeper connections inside the Greek market. He is super-commercial, knows how to identify clients’ needs early on and address them smoothly and efficiently. He has a natural gift in communication and an exceptional knowledge of the HY market. You can count on Apostolos for swift execution of any deal, no matter how difficult it is!’

‘Ana Grbec is undoubtedly the recent “star” addition to the partners’ group. She is an exceptional individual and combines all the best qualities sought for as a practitioner and a colleague. She has in-depth knowledge of a broad range of securities laws and leveraged finance as well as of past and current trends in the market.’

‘Milbank are fantastic at keeping in touch both on and off deals. They provide additional support and training and are always available to answer ad hoc questions. On deals, they have great market knowledge and provide excellent advice on current positions and experience with our counterparts.’

‘Ana Grbec and Rebecca Marques are the partners I work with the most. All of them are stand out – their advice is excellent, they are supportive and helpful to all members of our team, they are collegiate and any questions they will find the right person to answer you quickly or share our comments in their team so we don’t have to repeat ourselves on deals that cover various departments.’

‘At the partner/counsel level, the Milbank high yield team is among the top in the market. They always make time for us, are responsive and good at tackling complex problems.’

‘Apostolos Gkoutzinis is among a handful of the top high yield practitioners in the London market. I value his creative and commercial approach to solving problems, in a way that adds value to our business.’

‘What makes the practice is unique, in my view, is the leadership of Apostolos Gkoutzinis. He has done an excellent job assembling a group of hard working, commercial and pragmatic lawyers who work well as a team with opposing counsel (and companies/investment banks on their matters).’

Principaux clients

Portfolio companies of ION Investment Corporation S.à r.l. and its subsidiaries

SAZKA Group

Together Financial Services Limited

Jaguar Land Rover Automotive plc

Public Power Corporation S.A.

Ferroglobe PLC

Canary Wharf Group

PeopleCert Wisdom Issuer plc

Goldman Sachs

BNP Paribas

HSBC Bank plc

Morgan Stanley

Citigroup

BofA

JP Morgan

Principaux dossiers

  • Advised the initial purchasers in connection with Zenith Finco Plc’s offering of £475 million 6.500% Green Senior Secured Notes due 2027.
  • Advised the lenders in connection with an approximately $2.07B cross-border Euro and US Dollar loan and bond financing comprising a €375 million EUR senior term loan facility, an $850 million senior term loan facility and a €200 million cross-border ABL facility and €430 million of 5.25% Senior Notes due 2029.
  • Advised the initial purchasers in connection with a bond financing comprising €250 million Floating Rate Sustainability-Linked Senior Secured Notes due 2026 and €380 million 4.625% Sustainability-Linked Senior Secured Notes due 2026 and a €100 million senior secured revolving credit facility.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has a global high yield debt practice that is among the leaders as both issuer and manager counsel, and in the last two years it has represented the issuers or initial purchasers in more than 20 high yield bond deals in Europe, raising proceeds exceeding £13bn. It frequently advises the portfolio companies of major sponsors, among them Apax, Blackstone, KKR, Silver Lake and TDR Capital. The bond team works hand-in-hand with the firm’s prominent banking practice to develop innovative solutions, including secured, all-bond capital structures that effectively replace bank debt for a borrower. The firm has four key partners in London, Nicholas Shaw, Carol Daniel, Clare Gaskell and Gil Strauss; Daniel and Strauss advised Aston Martin on two high yield offerings. Counsel Uma Sud also plays a key role in the practice.

Responsables de la pratique:

Carol Daniel; Clare Gaskell; Nicholas Shaw; Gil Strauss

Autres avocats clés:

Uma Sud

Principaux clients

Apax Partners

Aston Martin

BlackRock

Blackstone

Bridgepoint Group

Cerdia

Cirsa

Gates Industrial Corporation

Intertrust N.V.

J.P. Morgan

KfW

Kohlberg Kravis Roberts & Co. L.P. (KKR)

LeasePlan N.V.

Logicor

Lutech

Masmovil Ibercom

Q-Park B.V.

Silver Lake

Stonegate

TDR Capital

Viridor

Voyage Care

Apax Partners

Aston Martin

BlackRock

Blackstone

Bridgepoint Group

Cerdia

Cirsa

Gates Industrial Corporation

Intertrust N.V.

J.P. Morgan

KfW

Kohlberg Kravis Roberts & Co. L.P. (KKR)

LeasePlan N.V.

Logicor

Lutech

Masmovil Ibercom

Q-Park B.V.

Silver Lake

Stonegate

TDR Capital

Viridor

Voyage Care

Allen & Overy LLP

Allen & Overy LLP is the Magic Circle firm that has penetrated furthest into the European high yield market, thanks to its market-leading leveraged finance practice. Strong on both the bank side and the issuer side. Kevin Muzilla‘s group advised Brookfield on its landmark European acquisition of Modulaire Group, which involved three bond issuances. The deal is a key example of how the firm is leading the way in deals using ESG-linked bond technology. Jeanette Cruz has significant experience advising issuers, financial sponsors and underwriters on Rule 144A/Regulation S high yield bond offerings, and she acted for medical testing company Biogroup in its €800m offering of senior secured notes. John Kicken is another key member of the practice and he acted for 11 underwriting banks in the €2.4bn loan and debut high yield bond issuance by real estate services company Foncia. In 2021, the firm hired Bradley Weyland from Latham & Watkins as a partner to boost its presence in work involving high yield bonds, bridge loans and credit facilities.

Responsables de la pratique:

Kevin Muzilla

Autres avocats clés:

Bradley Weyland; John Kicken; Jeanette Cruz

Les références

‘Brad Weyland is an excellent lawyer in his field. He is excellent at complex covenant analysis and always provides pragmatic advise tailored to the recent trends in the industry but more important to our own capital structure and business. Brad and the team are proactive, responsive and easy to work with.’

 

Principaux clients

Brookfield / Modulaire

The underwriters for KPS Capital Partners / Titan

The underwriters for CVC / Douglas GmbH

SIG plc

Biogroup

The underwriters for Bain & Cinven / Lonza Speciality Ingredients

CVC / Multiversity

The underwriters for Partners Group / Foncia

The underwriters for Altice France

The underwriters for Triton / RENK GmbH

The underwriters for Ontex

The underwriters for Business Integration Partners S.p.A

The underwriters for CentreParcs

The underwriters for Providence Equity Partners / HSE Finance

Intralot S.A

Bité Group

The underwriters for Crestview / TenCate Grass

The underwriters for CVC & TMF / Intertrust

The underwriters for Apollo & Saska / Scientific Games

The underwriters for CVC / Breitling

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP ‘has a great reputation in high yield in the US and, given the name recognition of the firm, will be a legitimate market force in the years to come‘. The firm is frequently involved in the high profile and complex public and private high-yield, term loan B and direct lending transactions, many of which are high-value and cross-border in nature; ‘they are very collaborative and know the market which makes working across from them a team experience‘, remarks one market source. Jake Keaveny is ‘a great person to work across from, which is why he gets a lot of sponsor designation roles‘. ‘His advice is well thought through, concise and practicable‘, say clients of Anthony Tama, who advised the initial purchasers in connection with a $2.8bn Rule 144A/Reg S offering of US dollar-denominated and euro-denominated senior secured and senior notes by Ardagh Metal Packaging Finance plc. The firm hired counsel Courtland Tisdale from Latham & Watkins in 2021.

Autres avocats clés:

Jake Keaveny; Antony Tama; Courtland Tisdale

Les références

‘A good balance of cross-border knowledge across HY. Jake Keaveny stands out.’

‘Cahill recently built up their HY capabilities with the hire of Jake Keavney a few years back. Jake is a well-known HY partner who have a lot of experience and were highly regarded in the market representing banks.’

‘They have started to build a team around them and have hired some associates which definitely helps with the quality of the ranks. They are very collaborative and know the market which makes working across from them a team experience.’

‘They seem to have hit the ground running with Jake Keaveny’s arrival and they have been very busy. Cahill has a great reputation in HY in the US and given the name recognition of the firm, I do think they will be a legitimate market force in the years to come.’

‘The arrival of Courtland Tisdale will help strengthen the team.’

‘Jake Keaveny is a great person to work across from, which is why he gets a lot of sponsor designation roles. He is collaborative and easy to deal with, focuses on getting transactions over the line and has great transactional experience.’

‘Anthony Tama is great to work with—I have an ongoing transaction with Anthony and I agree with him on every legal issue that arises—his advice is well thought through, concise and practicable.’

‘I really enjoy working with both Jake and Anthony.’

Principaux clients

Citigroup Global Markets Limited

J.P. Morgan Securities plc

Credit Suisse Securities (Europe) Limited

Deutsche Bank AG, London Branch

Credit Agricole Corporate and Investment Bank

Principaux dossiers

  • Represented the initial purchasers in connection with a $2.8 billion (equivalent) Rule 144A/Reg S offering of US dollar-denominated and euro-denominated senior secured and senior notes by Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC.
  • Represented the initial purchasers in connection with an offering of €450,000,000 aggregate principal amount of 5.625% sustainability-linked senior secured notes due 2028 by Lune Holdings S.a r.l.
  • Represented the lead arrangers in connection with the committed financing to support the acquisition by 888 Holdings plc of the international (non-US) business of William Hill from Caesars.

Clifford Chance LLP

Clifford Chance LLP has a ‘skilled, patient, collaborative and efficient team that makes high yield bond offering processes as smooth as possible‘. Practice head Michael Dakin was involved in one of the most complex deals in the market, having acted for Codere Group on the issuance of multiple tranches of new high yield bridge notes. The restructuring process also included multiple private placements of additional notes offered to the existing bondholders. Andrew Kelly gets ‘a particular shout-out for consistently bringing his A-game‘. John Connolly who specialises in US securities law advice, including advice in connection with registered securities offerings, Rule 144A offerings, private placements and Regulation S offerings, also plays a key role in the practice.

Responsables de la pratique:

Michael Dakin

Autres avocats clés:

Andrew Kelly; John Connolly

Les références

‘Skilled, patient, collaborative, and efficient team has made our multiple HY bond offering processes as smooth as possible.’

‘Particular shout-out to Andrew Kelly for consistently bringing his A-game!’

‘Andrew Kelly is an excellent technician and user-friendly.’

‘Clifford Chance partners are highly responsive, dedicated, and are highly proficient in emerging markets and high yield.’

‘In particular, it has been an absolute pleasure to work with Andrew Kelly; Andrew is exceptionally hands-on, extremely approachable, and his legal advice has been invaluable in ensuring smooth transaction executions.’

Principaux clients

Banco Bilbao Vizcaya Argentaria, S.A.

Banco Santander, S.A.

BofA Securities Europe S.A.

BNP Paribas

Credit Suisse Securities

Sociedad de Valores, S.A.

Deutsche Bank Aktiengesellschaft

Goldman Sachs

HSBC Continental Europe S.A.

ING Bank N.V.

Mediobanca – Banca di Credito Finanziario S.p.A.

Morgan Stanley Europe SE

Raiffeisen Bank International AG

Raiffeisen Schweiz Genossenschaft

UBS AG

UniCredit Bank AG

Citigroup Global Markets Limited

J.P. Morgan Securities plc

Standard Chartered Bank

Rand Merchant Bank

Absa Bank Limited

RBC Capital Markets

LLC

Access Bank Plc

Barclays

Credit Agricole

ING

RBC

Gunvor

HSBC

Lloyds Bank Corporate Markets

NatWest Markets

Santander

Bank Pekao

PKO

Codere Group

Standard Chartered Bank

Telefonica

NewDay Bondco Plc

Aedas Homes Opco, SLU

Cinven

True Potential

Principaux dossiers

  • Advised Codere Group on the issuance of multiple tranches of new high yield “bridge” notes in advance of and in connection with a consensual restructuring.
  • Advised the Initial Purchasers in connection with the issuance of senior notes by IHS Holding Limited. The bond offering consisted of (i) US$500 million 5.625% Senior Notes due 2026 and (ii) US$500 million 6.250% Senior Notes due 2028.
  • Advised BNPP, Barclays, BofA, Credit Agricole, Deutsche Bank, Goldman Sachs, ING and RBC as initial purchasers in connection with the issuance by BUT of €500 million 4.25% Senior Secured Notes due 2028.

Linklaters LLP

Linklaters LLP has a strong bench of high yield practitioners, who handle complex and high-value deals. It leverages the expertise of its market-leading banking and private equity practices to handle covenant-intensive debt securities, leveraged finance and restructuring. The firm’s sweet spot is multi-tranche bank and bond capital structures involving loans, bonds and combinations of both. Alexander Naidenov, Mark Hageman and Colin Chang are the standout partners in London, and they are key advisers to underwriters, private equity sponsors and corporate issuers. The firm hired experienced US finance partners from Vinson & Elkins RLLP, Noel Hughes, Christianne Williams and Giacomo Reali, who handle complex cross-border leveraged finance transactions.

Responsables de la pratique:

Alexander Naidenov; Mark Hageman; Colin Chang

Autres avocats clés:

Noel Hughes; Christianne Williams; Giacomo Reali

Les références

‘Strong partners, the standout practitioners being Alexander Naidenov and Mark Hageman.’

‘High Yield does not work out of the blue. We as a Company and I as Group Treasurer want to work with a law firm that is able to go cross-topics, including M&A, stock exchange regulation, competition, banking… and can serve us in most jurisdictions in which we operate. Linklaters has been doing this for years, making sure High Yield Documentation is aligned with Group strategy, objectives and constraints.’

‘Above all, Linklaters have been able to protect the Group from legal action.’

‘Collin Chang is the person to go to for high yield bond market practice and to know whether a potential ask to lenders can go though or not, or under which wording it could go through.’

Principaux clients

Philips Domestic Appliances

Hexaware Technologies Limited

SierraCol

Eolo

Lottomatica

Multiversity

CGG

Petrofac

Endeavour

Europcar

Principaux dossiers

  • Advised Hillhouse on the financing arrangements for its €3.9bn acquisition of Philips Domestic Appliances, a leading global designer, manufacturer and seller of domestic appliances in over 130 countries around the world.
  • Advised the Initial Purchasers on the high yield bond offering to finance Carlyle’s c. US$3.1bn acquisition c. 95% of Hexaware Technologies Limited, a leading global provider of digital, IT and business transformation services headquartered in India and with over 70% of its revenues generated in the Americas.
  • Advised the Initial Purchasers on the high yield bond offering to refinance certain debt of SierraCol Energy and pay a special dividend to Carlyle.

Paul Hastings LLP

Paul Hastings LLP is not a volume player in the high yield space, but it focuses on large and complex transactions, whether new issuance or restructurings. ‘These guys are problem solvers and think outside the box‘, remarks client of the practice led by experienced partner Peter Schwartz. ‘They are not stuck in just traditional high yield practices and are especially great for complex transactions‘, adds another. Maximilian Kirchner is a key adviser to investment banks, investment funds, multi-national companies, and private equity sponsors working on some of the most complex high-yield bond offerings. Up-and-comng partner Edward Holmes led advice to EA Partners I & II on the restructuring of its $1.3bn in outstanding notes.

Responsables de la pratique:

Peter Schwartz

Autres avocats clés:

Maximillian Kirchner; Edward Holmes

Les références

‘They are problem solvers and think outside the box.’

‘They are not stuck in just traditional high yield practices and are especially great for complex transactions.’

 

Principaux clients

Blackstone

Goldman Sachs

Bank of America Merrill Lynch

Citigroup

Credit Suisse

Barclays

Royal Bank of Canada

JP Morgan

Morgan Stanley

HSBC

Deutsche Bank

GCX Limited

Standard Chartered Bank

KKR

Boparan Group Holdings Ltd

Officine Maccaferri S.p.A.

Imperial Capital

Carlyle

Principaux dossiers

  • Representing Officine Maccaferri S.p.A. in connection with its restructuring of €190 million aggregate principal amount of high-yield senior unsecured bonds and the issuance of new bonds.
  • Continuing to advise EA Partners I & II on the restructuring of the outstanding EA PartnersI’s U.S.$700,000,000 6.875 per cent. notes due 2020 and EA Partners II’s U.S.$500,000,000 6.75 per cent. notes due 2021.
  • Advised BofA Securities as global coordinator for the debut high-yield notes issuance of Zorlu Yenilenebilir Enerji A.Ş., a subsidiary of Zorlu Enerji A.Ş., a leading integrated utility company whose shares are listed on Borsa İstanbul.

Shearman & Sterling LLP

Shearman & Sterling LLP has ‘very efficient, reactive and knowledgeable team that is good fun to work with‘. One client remarks that it is ‘adept at moving at pace dealing with complex issues‘ and ‘can play the central advisory role while being capable of pivoting a deal to get the client’s desired outcome‘. The firm frequently plays role in high-profile deals, acting predominantly for lenders through its  integrated bank and bond team. Its market-leading leveraged finance capability sees it act for private equity sponsors, commercial banks, investment banks, mezzanine and second-lien providers, and corporate borrowers on complex leveraged and acquisition financings. Practice head Ward McKimm and newly promoted partner Gordon Houseman acted for banks, among them HSBC, as initial purchasers of TalkTalk Telecom Group’s offering of £110m in notes. Key partner Marwa Elborai acted for Barclays Bank as sole global coordinator of a combined £915m offering Deuce FinCo plc. Head of EMEA capital markets Trevor Ingram and associate Evangelia Andronikou have ‘the ability to understand a client’s business and respond to requests to deliver a transaction, sometimes at very short notice‘.

Responsables de la pratique:

Ward McKimm

Autres avocats clés:

Maria Elborai; Gordon Houseman; Evangelia Andronikou; Trevor Ingram

Les références

‘Very efficient, reactive and knowledgeable team.’

‘Good fun to work with.’

‘The Shearman team is adept at moving at pace dealing with complex issues while continuing to play the lead co-ordination role across legal advisors in each local jurisdiction.’

‘A deal is never one-dimensional and requires advisors who play the central advisory role and are capable at pivoting a deal to the get the client’s desired outcome.’

‘Their ability to understand our business and respond to requests to deliver a transaction, sometimes at very short notice.’

‘Standout partner is Trevor Ingram and associate is Evangelia Andronikou.’

Principaux clients

A variety of major investment banks including: Barclays, BNP Paribas, Citigroup, HSBC, Lloyds, Rabobank, J.P. Morgan Securities, Deutsche Bank, Goldman Sachs, and Santander

Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC

Tereos SCA

Punch Finance plc

VIA Outlets B.V.

Principaux dossiers

  • Acting for Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC, both subsidiaries of Ardagh Metal Packaging S.A, on their underwritten financing arrangements and related $2.8 billion offering of multi-currency high yield notes.
  • Acting for the initial purchasers in connection with the €3.7 billion (equivalent) four-tranche USD and Euro-denominated bond issue in support of the public to private acquisition of iliad Group by Xavier Niel.
  • Acting for the initial purchasers on T-Mobile Netherlands’s €1.350 billion bond financing.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

Skadden, Arps, Slate, Meagher & Flom (UK) LLP stands out for its ‘expertise, availability and business-minded approach‘ to the high yield market. Working closely with the leveraged finance team, the high yield practice is able to create innovative solutions involving leveraged loans and bonds. The practice also works seamlessly with the M&A practice to ensures that covenants and other terms are aligned across transaction documents. Danny Tricot leads the capital markets practice, in which James McDonald is the lead partner for high yield deals, which are a key feature of his international corporate finance practice. Pranav Trivedi, whose work includes IPOs, privatisations and cross-border M&A, also plays a key role in high yield bond offerings. ‘The partners provide excellent service and strong engagement‘, remarks one client.

Responsables de la pratique:

Danny Tricot

Autres avocats clés:

James McDonald; Pranav Trivedi

Les références

‘Expertise, availability and business approach are particularly appreciated.’

‘The partners provide excellent service and strong engagement.’

Principaux clients

Polynt Group sarl

Iceland Foods

Atlantica Sustainable Infrastructure plc

Ashtead Group plc

JAB Holdings B.V.

Antares Vision S.p.A

Stena AB

Viking Cruises

Principaux dossiers

  • Advised Polynt Group sarl in a €1.3 billion multi-tranche high-yield offering of senior secured notes.
  • Represented UK retailer Iceland Foods in connection with its £250 million high-yield bond offering.
  • Represented Atlantica Sustainable Infrastructure plc in its $400 million Rule 144A/Regulation S high-yield offering of 4.125% green senior notes due 2028.

Weil, Gotshal & Manges (London) LLP

Weil, Gotshal & Manges (London) LLP ‘combines deep market and practice expertise with a very collaborative approach, and its ability to distil complex needs and requirements in a way that allows management to make the right judgement is first-class‘. The firm frequently advises top-tier sponsors, leading investment banks and numerous bond investors on complex and high-profile acquisition financings and refinancings. ‘They are able to respond very flexibly to unexpected demands‘ says a client of  lead partner Patrick Bright and Nitin Konchady. Newly promoted partner Alexander Horstmann-Caines ‘brings to his counsel a very grounded perspective of what will work for the client, and is able to combine real legal authority with a very approachable manner‘.

Responsables de la pratique:

Patrick Bright; Nitin Konchady

Autres avocats clés:

Alex Horstmann-Caines

Les références

‘Weil combines deep market and practice expertise with a very collaborative approach.’

‘Their ability to distil complex needs and requirements in a way that allows management to make the right judgement is first class, grounded in their knowledge of our business and what we are trying to achieve.’

‘Their appreciation of the different stakeholders involved and the appetite for risk is very good and allows them to provide constructive counsel to the organisation.’

‘They are able to respond very flexibly to unexpected demands.’

‘They have been a great partner this year.’

‘Alex Horstmann-Caines has been the partner we have had most interaction with. Alex really knows our business, what we are trying to achieve and he brings to his counsel a very grounded perspective of what will work for us. He is able to combine real legal authority with a very approachable manner which has facilitated the completion of major projects this year.’

Principaux clients

Advent International (sponsor)

Bain Capital (sponsor)

Stirling Square Capital (sponsor)

TowerBrook Capital Partners (sponsor)

Paprec (corporate issuer)

The Very Group (corporate issuer)

Morgan Stanley (underwriter)

Goldman Sachs (underwriter)

Principaux dossiers

  • Advised Stirling Square in connection with the financing of its fund-to-fund transfer of its portfolio company Itelyum.
  • Advised The Very Group Limited in its £575 million offering of senior secured notes and amendment and restatement of its revolving credit facilities.
  • Advised Mudrick in relation to its investment in $200 million high yield senior secured convertible PIK toggle notes issued by Vertical Aerospace Ltd.

White & Case LLP

White & Case LLP has ‘deep knowledge and experience of high yield bonds‘ and one client remarks that ‘the team is client-focused and always provides an excellent service, and is readily available to answer questions under pressure and in a quick timeframe‘. US-qualified partner Jill Christie, formerly Concannon, leads the practice; her work focuses on advising private equity sponsors and their finance providers. With Gilles Teerlinck, she acted for Energean Israel Finance Ltd., a finance subsidiary of London-based independent oil and gas company Energean PLC, on its $2.5bn offering of Rule 144A/Reg S high yield senior secured notes. ‘Outstanding practitioner’ James Greene advised International Game Technology PLC (Issuer) in connection with its issuance of $750m in Senior Secured Notes. Monica Holden has extensive experience advising issuers, sponsors and underwriters on corporate high yield bond transactions across multiple sectors. Senior associate Anna Soroka also plays a key role in the practice.

Responsables de la pratique:

Jill Christie

Autres avocats clés:

James Greene; Gilles Teerlinck; Anna Soroka; Monica Holden

Les références

‘Deep knowledge and experience of high yield bonds and insight into our sector. Monica Holden stands out.’

‘The team is client-focused and always provide an excellent service.’

‘They are readily available to answer questions under pressure and in a quick timeframe.’

‘The HY deals are often very demanding and are executed in a quick timeframe that often require cross-border expertise which W&C are well versed to help execute.’

‘James Greene is an outstanding HY practitioner. He always makes himself available to answer questions, no matter how complex. He is my go-to lawyer for any questions related to US Securities laws or any general questions related to HY. He also gives clear and concise advice that clients find easy to understand.’

‘Jill Concannon and Gilles Teerlinck are both excellent partners that provide a great client-oriented service.’

‘Gilles Teerlinck is reliable, easy to work with, professional and knowledgeable.’

‘I enjoy working with Gilles Teerlinck who has really changed the White & Case practice by making it more solution-oriented and even more professional.’

Principaux clients

Encore Capital Group

Energean

JP Morgan

CVC Capital Partners

International Game Technology

BNP Paribas

Barclays

Ideal Standard

Novator

doValue

Deutsche Bank

Stifel Nicolaus Europe Limited

Principaux dossiers

  • Representation of Faurecia S.E. (Faurecia), one of the world’s largest automotive equipment suppliers, on its inaugural sustainability-linked high yield bond issuance of EUR1.2 billion 2.750% sustainability-linked senior notes due 2027.
  • Advised Deutsche Bank, Goldman Sachs Bank Europe SE, Natixis and UBS Investment Bank, as Joint Lead Bookrunners and BNP Paribas, Credit Agricole, HSBC, J.P. Morgan, Mizuho Securities, Nomura and UniCredit as Joint Bookrunners on the Rule 144A/Regulation S offering of EUR420 million senior secured notes due 2028 and EUR325 million senior notes due 2029.
  • Represented Energean Israel Finance Ltd., a finance subsidiary of Energean PLC on its US$2.5 billion offering of Rule 144A/Reg S high yield senior secured notes.

Ashurst

Ashurst continues to build its high yield offering, having hired vastly experienced partner Jacques McChesney from Shearman & Sterling LLP. He joins global head of high yield Anna-Marie Slot who has more than two decades of experience acting for investment banks and companies in a wide range of corporate finance and securities transactions. The firm predominantly acts for corporate issuers, though it increasingly competes for bank-side work. The firm has ‘very strong knowledge of the high yield sector and capital markets, broad experience in dealing with unique situations, and providing excellent advice to navigate through situations successfully’. Counsel Natalia Sokolova and senior associate Eileen Kelly are highly recommended by clients.

Responsables de la pratique:

Anna-Marie Slot

Autres avocats clés:

Jacques McChesney; Eileen Kelly; Natalia Sokolova

Les références

‘Very strong knowledge of the High Yield sector and capital markets, broad experience in dealing with unique situations and providing excellent advice to navigate through situations successfully.’

‘Anna-Marie Slot (Partner) Eileen Kelly (Senior Associate). Both are excellent in their respective roles at Ashurst and were hugely supportive of delivering a complex HY refinancing project in parallel to a structured equity raise.’

‘Ashurst recently built up their HY capabilities with the hire of Anna-Marie Slot a few years back and Jacques McChesney end of last year. These are two seasoned HY partners who have a lot of experience and were highly regarded in the market. They have started to build a team around them which definitely helps with the quality of the associate ranks.’

‘They are very collaborative and know the market which makes working across from them a team experience.’

‘Jacques McChesney is a senior and well known HY partner. He knows the market, he knows the other market participants and he is a very capable partner.’

‘Anna-Marie Slot provides excellent client service and advice to her clients and they seem to really trust and rally around her. She is always available and always looking for the best path to complete a transaction successfully. We hold her in high regard.’

Principaux clients

Petra Diamonds

McLaren Group

Salerno Pompei

Abu Dhabi National Oil Company

Studio City Finance Limited

Dexia Credit Local

NagaCorp Limited

Deutsche Bank

J.P. Morgan

Citibank

Principaux dossiers

  • Advised Petra Diamonds in relation to all aspects of its long-term balance sheet restructuring, including in respect of its US$650 million 7.25% Senior Secured Second Lien Notes due May 2022.
  • Advised long standing client McLaren Group on a mixture of debt and equity financing of McLaren Racing Limited, and compliance with its existing high yield notes and super senior revolving credit facility.
  • Advised Barclays Bank PLC, DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities plc as Joint Bookrunners and Lead Managers, on an issuance by Greenko Dutch B.V. of US$940 milliion 3.85% Senior Notes due 2026.

Baker McKenzie

At Baker McKenzie, ‘the team is very approachable and no question is too complex, and it is always ready to provide easy to understand and concise advice‘. Head of EMEA capital markets Adam Farlow, who works extensively on the trustee side, is a key partner along with head of high yield specialist Rob Mathews and head of corporate finance Helen Bradley. Haden Henderson is an emerging corporate finance partner with a particular emphasis on high yield debt offerings. ‘There’s nothing he doesn’t know when it comes to high yield’, says one client of Mathews, who worked with Henderson and David Becker to assist a syndicate of underwriters on the multi-tranche $5bn debut sustainability-linked high yield bond offering by subsidiaries of Teva Pharmaceutical Industries. Associate Benjamin Bierwirth ‘manages transactions on his own with ease and confidence and with the skill of a senior well-versed high yield practitioner‘.

Responsables de la pratique:

Rob Mathews; Adam Farlow; Helen Bradley

Autres avocats clés:

Haden Henderson; David Becker; Benjamin Bierwirth

Les références

‘A strong HY team, especially in the right sectors. Good value for money for the right deal.’

‘Rob Mathews – there’s nothing he doesn’t know when it comes to high yield.’

‘Strong across loan and bond.’

‘Haden Henderson, David Becker, Rob Mathews’

‘The team is headed by Rob Mathews who has many many years of experience and has seen it all when it comes to European HY. The team is always ready to answer questions and provide easy to understand and concise advice. The team is very approachable and no question is too complex.’

‘Rob Mathews is an excellent practitioner and always provides an outstanding service. He is always prepared to answer difficult questions.’

‘Benjamin Bierwirth is also an outstanding senior associate that manages transactions on his own with ease and confidence and with the skill of a senior well-versed HY practitioner.’

‘A great service-oriented team, very strong with process management and effectively navigating tough dynamics with various parties.’

Principaux clients

Goldman Sachs

J.P. Morgan

Morgan Stanley

Citibank

Credit Suisse

Deutsche Bank

Bank of America

Santander

Barclays

BNP PARIBAS

Natixis

ING

HSBC

Mizuho

MUFG

Georgia Global Utilities

Jain Irrigation Systems Limited

Principaux dossiers

  • Advised the syndicate of ten underwriters on the multi-tranche USD 5 billion debut sustainability-linked four tranche high yield bond offering by certain subsidiaries of Teva Pharmaceutical Industries Limited.
  • Advised a syndicate of seven initial purchasers on the EUR 300 million 5.25% senior secured high yield bond issuance by Vía Célere Desarrollos Inmobiliarios, S.A.
  • Acted for the seven initial purchasers in connection with the offering of EUR 300 million senior secured notes due 2026 by Neinor Homes and the mandated lead arrangers and lenders under a EU 50 million senior secured revolving credit facility.

Hogan Lovells International LLP

Hogan Lovells International LLP focuses not only on the origination of high yield bonds but also on liability managements and restructurings. The firm is highly active for corporate issuers as well as for banks. It is particularly well known for bond issuance in the hospitality, real estate, automotive and aviation sectors, though it is increasingly active for clients in the technology industry. Practice head Sylvain Dhennin is the key partner for the firm’s high yield work for private equity sponsors, funds, financial institutions and corporates. Andrew Carey leads the sustainable finance and investment practice, so is involved in the firm’s work on ESG-related high yield bonds.

Responsables de la pratique:

Sylvain Dhennin

Autres avocats clés:

Andrew Carey

Principaux clients

Crédit Agricole CIB, HSBC, Société Générale, Barclays, Wells Fargo, BBVA, and Natixis

BNP Paribas

Cinven

Ciena

Sun Capital Partners

Jaguar Land Rover

Brookfield – BCP V Modular Services Finance PLC/BCP V Modular Services Finance II PLC

Principaux dossiers

  • Advised the client, comprising of Crédit Agricole Corporate and Investment Bank, HSBC and Société Générale, Barclays and Wells Fargo, and BBVA and Natixis, on its new issuance of €300million unsecured sustainability-linked senior notes due 2028 by Rexel.
  • Advised the banks, including Bank of America, Goldman Sachs, and JP Morgan on the bond offering by Modulaire of €1.183bn Equivalent Sustainability-Linked 7Y senior secured notes and €435M 8Y senior unsecured notes.
  • Advised the issuer in the context of this large and complex bond offering to fund the acquisition by Cinven and Fressnapf of Arcaplanet.

Mayer Brown International LLP

Mayer Brown International LLP is ‘a top-tier firm when it comes to high yield bond offerings in Germany, where they have quite a strong footprint‘. One client remarks that ‘with deep knowledge of the high yield market, and being very much engaged and easy to work with, the team is able to take the client’s perspective and addresses possible issues proactively to optimise the outcome for the client'. The firm is the only one in London to offer high-level advice on high yield bonds in English, US and German law. Practice head and key high yield partner Bernd Bohr is ‘very technical – even innovative – diligent and commercial in terms of providing advice‘.

Responsables de la pratique:

Bernd Bohr

Les références

‘We rate Mayer Brown as a Tier 1 legal firm when it comes to High Yield bonds offering in Germany; where they have quite a strong footprint. This is mainly due to Bernd Bohr’s active coverage in the region.’

‘We have a very good relationship with Bernd Bohr. From a knowledge, responsiveness and dedication perspective, he has been very valuable to our team over the years; including on non-deal related matters; which makes him our go-to external lawyer for any high yield bond question. He is also very technical (even innovative), diligent and commercial in terms of providing advice to his clients, when we worked on transactions together.’

‘Great experience with Mayer Brown on the deals we have worked with in the past. Strong collaboration within the team, with the client and the bankers.’

‘Had the pleasure to work with Bernd Bohr on a couple of the recent HY deals. Bernd is a strong partner with a lot of execution experience. He has strong collaboration skills and is involved in the deal both with the client and the banks.’

‘Super committed, attention to detail, brought market intel, focussed on solution for client.’

‘Deep knowledge of the high yield market, very much engaged and easy to work with. The team is able to take the client’s perspective and addresses possible issues proactively to optimise the outcome for the client.’

‘Very committed individuals able to deliver highest quality under significant time pressure.’

‘Great client commitment and dedication, always taking the client’s perspective, very responsive, very experienced.’

Principaux clients

Klesch Group

Raffinerie Heide GmbH

Progroup AG

Wepa Hygieneprodukte GmbH

Standard Profil Automotive GmbH

Principaux dossiers

  • Advised Standard Profil Automotive GmbH on its debut high yield bond offering of €275,000,000 6.250% senior secured notes due 2026 and a €30 million super senior revolving credit facility.
  • Advising an English debut high yield issuer in connection with a proposed offering of up to €330,000,000 of senior secured notes, the implementation of a new group structure and the implementation and renegotiation of various hedging, inventory financing and receivables financing arrangements.
  • Advising a Swedish debut high yield issuer in connection with a proposed offering of up to €540,000,000 of senior notes in accordance with its newly establish green finance framework, to refinance an existing term loan.

Ropes & Gray LLP

Ropes & Gray LLP frequently handles big-ticket and highly complex high yield financings for issuer and underwriter clients. Head of finance in London Michael Kazakevich acted for New Altice Europe B.V. on the financing of its take-private transaction for Altice Europe, which involved the refinancing of the initial debt to Altice Finco France SAS, and a notes purchase agreement for €279m. Key partner Robert Haak advised VodafoneZiggo on its €2.1bn-equivalent cross-border sustainability-linked bond offering, which required the issuance of teaches of $1.525bn and €750m in sustainability-linked senior secured notes. Jane Rogers handles a broad range of M&A deals, and debt and mezzanine financings. She worked with Haak on a $1.25bn issuance by Liberty Global. Emerging partner talent Aditya Khanna is active for key client Altice USA.

Responsables de la pratique:

Michael Kazakevich

Autres avocats clés:

Jane Rogers; Aditya Khanna; Robert Haak

Principaux clients

New Altice Europe B.V. (formerly Altice Europe N.V.)/Altice France S.A./Altice International S.à r.l.

Altice USA

Liberty Global plc

Liberty Latin America

Goldman Sachs

Skandinaviska Enskilda Banken (SEB)

J.P. Morgan

BNP Paribas

Deutsche Bank

BidFair/Sotheby’s

VodafoneZiggo B.V.

Monarch Alternative Capital

Virgin Media O2

VTR Comunicaciones SpA

Liberty Communications of Puerto Rico LLC (LCPR)

Principaux dossiers

  • Advised VZ Secured Financing B.V., a SPV entity in the VodafoneZiggo group, on their launched €2.1 billion-equivalent 10NC5 cross-border sustainability-linked bond offering.
  • Advised Virgin Media O2 in connection with multiple bond financings.
  • Advised Next Alt S.à r.l, an entity controlled by Patrick Drahi on the financing aspects of its take-private of Altice Europe. The recommended all-cash offer valued the company at €4.9 billion.

Willkie Farr & Gallagher (UK) LLP

Willkie Farr & Gallagher (UK) LLP acts predominantly for private equity sponsors and has a growing presence in that sector of the market. London head of capital markets Jennifer Tait and head of corporate insurance capital markets Joseph Ferraro lead a group that also works for corporate issuers and financial institutions, advising on the UK and US aspects of the full range of capital markets transactions. A key focus is Rule 144A and Regulation S debt transactions, with a particular on high yield bond offerings, as well as other private placements.

Responsables de la pratique:

Jennifer Tait: Joseph Ferraro

Principaux clients

Platinum Equity / Solenis

GLAS

Arkema

Lancashire Holdings Limited

MS Amlin and Phoenix 2

Fidelis and Herbie Re

Socium

Kinesis

Viribus

SCOR

Conduit Holdings Limited

Dragon SPAC

GoldenTree Asset Management LP

Peel Hunt

Select Equity

Principaux dossiers

  • Provided debt financing counsel to Platinum Equity in its acquisition of UK parent company Solenis, a leading global producer of specialty chemicals used in water-intensive industries.
  • Represented GLAS Trust Company LLC in Constellation Automotive Financing PLC’s offering of £695,000,000 4.875% Senior Secured Notes due 2027.  
  • Advised Arkema S.A, a world player in specialty materials, in the sale of its polymethyl methacrylates (PMMA) and activated methyl methacrylates (MMA) business, known as the Mallarmé business, to Trinseo S.A., a Luxembourg public limited liability company.

Alston & Bird LLP

Alston & Bird LLP has a young high yield practice in London, though its team has more than 30 years of combined experience in high yield debt and leveraged finance. In 2021, the practice closed transactions with a combined volume of approximately $2.9bn, having advised multiple debut issuers in over $1.5bn in high yield bond offerings, and corporates and sponsors in over $1.3bn in acquisition financings. Practice head Tamer Bahgat is ‘a solid high yield partner‘; he worked with a team in Washington DC to assist World Acceptance Corporation on its debut high yield bond offering of $300m in senior notes. Counsel Michael Lee also played a key role in both transactions.

Responsables de la pratique:

Tamer Bahgat

Autres avocats clés:

Michael Lee

Les références

‘Tamer Bahgat is a solid high yield partner.’

Principaux clients

BofA Securities, Inc

Centerfield Media Parent, Inc

FirstCash, Inc.

GMS Inc

Graphic Packaging International

Hilton Grand Vacations

Platinum Equity

World Acceptance Corporation

Principaux dossiers

  • Represented FirstCash on its high yield bond offering of US$550m 5.625% Senior Notes due 2030 to finance the cash consideration of FirstCash’s US$1.17bn acquisition of American First Finance Inc.
  • Represented World Acceptance Corporation on its debut high yield bond offering of US$300m 7% Senior Notes due 2026, to refinance of existing debt.
  • Represented GMS Inc. on its debut high yield bond offering of US$350m 4.625% Senior Notes due 2029, to refinance of existing debt.

McDermott Will & Emery UK LLP

At McDermott Will & Emery UK LLPthe team concentrates on representing trustees, and you really need some pragmatic and commercial advice after the deal is done in the event of a restructuring or liability management exercise‘, notes one market source, adding that head of finance Ranajoy Basu is ‘the best at helping to facilitate and manage trustee-related issues‘. Counsel Priya Taneja has significant experience in highly complex cross-border transactions in emerging markets and she is ‘always available and finds a pragmatic solution‘.

Responsables de la pratique:

Ranajoy Basu

Autres avocats clés:

Priya Taneja

Les références

‘The MWE team is very personable, it is an absolute pleasure to work with Ranajoy Basu and Priya Taneja. They are very good at simplifying a complex problem and suggesting different solutions, which can be invaluable for us and our clients.’

‘Priya Taneja is always available and finds a pragmatic solution, a brilliant lawyer.’

‘Ranajoy Basu and Priya Taneja are very personable, they put a lot of effort in to build relationships with their clients and the relationship makes them great to work with.’

‘A unique element of McDermott’s practice is their deep commitment to the client that appears to go above and beyond their firm engagement letter. When you have McDermott advising you, you feel that they truly partner with your business. Potential clients will enjoy the outstanding responsivity, reactivity and proactiveness towards their clients.’

‘The individuals at McDermott stand about because they are extremely approachable. Emails are answered energetically and enthusiastically and you get the feeling that the lawyers are always one step ahead of you, which is very comforting from the clients perspectives. This is markedly different from other firms who are often less responsive and seem less consistent with response times.’

‘I have a great working relationship with Priya Taneja, she has become (over the many years I have worked with her now) my go-to person for any questions I have whether or not she is working on the transaction with me. She is an expert in her field and always adds a personal touch to everything she does.’

‘The team concentrates on representing trustees, so unlike other market participants they do not work for issuers or underwriters. While the trustee role is not high-profile and usually an afterthought, you really need some pragmatic and commercial advice after the deal is done in the event of a restructuring or liability management exercise and I think Ranajoy Basu is the best at helping to facilitate and manage trustee-related issues.’

‘Ranajoy Basu is my favorite attorney in Europe for trustee’s counsel. He is easy to deal with, commercially pragmatic and always makes the time to engage.’

Principaux clients

BNP Paribas

The Bank of New York Mellon

Citibank, N.A., London Branch and Citibank Europe plc

CSC Trustees Limited

DenizBank A.S.

Deutsche Bank AG, London Branch, Deutsche Bank Trust Company Americas and Deutsche Trustee Company Limited

Global Loan Agency Services

HSBC

Intertrust Trustee (Jersey) Limited

The Law Debenture Trust Corporation p.l.c.

Lucid Agency and Trustee Services Ltd

U.S. Bank Trustees Limited

Wilmington Trust (London) Limited and Wilmington Trust National Association

Principaux dossiers

  • Advised Lucid Trustee Services Limited as Trustee and Citibank, N.A., London Branch as Paying Agent, Transfer Agent and Registrar with respect to IHS Holding Limited’s (IHS) high yield offering of its dual tranche senior notes due 2026 for an aggregate principal amount of US$500 million and its senior notes due 2028 for an aggregate principal amount US$500 million.
  • Advised U.S. Bank Trustees Limited as Trustee and Security Agent in connection with the issuance by Biogroup of €800 million 3.375% Senior Secured Notes due 2028 and €250 million 5.000% Senior Notes due 2029.
  • Advised Deutsche Trustee Company Limited in its capacity as Note Trustee with respect to Chrome Group’s high yield offering of its senior secured notes due 2028 for an aggregate principal amount of €420 million and the issuance of its senior notes due 2029 for an aggregate principal amount of €325 million.