Debt capital
We are widely recognised as a leader in international debt capital markets offerings.
Our global team advises on a broad spectrum of debt transactions encompassing a variety of structures, including investment grade medium-term note programmes and stand-alone eurobond issuances; emerging market issuances using loan participation notes; and commercial paper programmes.
Our practice includes lawyers with experience in regulation; equity-linked, hybrid and subordinated debt; high yield debt; derivatives and structured debt; and liability management, who can add value on bespoke transactions. Our clients include lead managers and trustees as well as corporates, financial institutions and public sector issuers across the globe.
We’re at the forefront of legal developments and market practice. We have the commercial experience as well as the technical know-how to ensure the seamless management of transactions.
High yield
We are one of Europe’s best and most experienced high yield teams. Our US high yield partners in London and Frankfurt are supported by a full-service US law securities practice as part of our wider international capital markets group. They regularly advise on New York law-governed high yield bonds.
Our high yield team focuses on private equity sponsors, investment banks and corporate issuers both in the European and international markets.
We have acted on high yield transactions in a range of situations, including leveraged buyouts; regular debt financings and refinancings by corporate issuers; and debt restructurings.
Our high yield lawyers work closely with our corporate, finance and tax lawyers to advise on complex corporate structuring; intercreditor, credit support and subordination issues often associated with high yield offerings; as well as issues that arise in complex leveraged buyouts, refinancings and balance sheet restructurings.
Covenanted debt
We represent both issuers and underwriters on more heavily covenanted debt issues.
These crossover credits, which are neither high yield nor investment grade, are particularly prevalent in the emerging markets, which brings our worldwide network of offices into play.
We work with our clients wherever and whenever they need us to find the most efficient structures for their needs. We make sure the covenants provide the level of protection the investors require, but also the flexibility to allow the issuer to operate its business.
Liability management
We act for issuers, dealer managers, trustees and consent solicitation agents in relation to the full range of liability management transactions including standalone tender offers, exchange offers, consent solicitations, and liability management transactions in the context of broader restructurings.
We have a great deal of knowledge in both the market and commercial rationale behind liability management transactions, as well as the legal and regulatory framework that issuers must follow when they re-organise and restructure their debt securities.
We advise in respect of liability management exercises across the entire debt spectrum, including acting on exercises relating to senior and subordinated debt instruments; securitisations and high yield debt; and bonds issued by banks, corporates and sovereigns.
Investment grade
We advise on the full spectrum of debt financing for investment grade entities, including both banking facilities and debt securities. We act for the lender banks or the joint lead managers, and borrowers and issuers in a variety of sectors and jurisdictions.
The banking facilities we advise on range from multi-tranched, multi-currency syndicated or club lending facilities to simple bilateral loans. Our debt securities experience spans a variety of stand-alone bond issues and debt issuance programmes including Rule 144A debt issues.
Our clients expect – and receive – a team with deep knowledge of the international loan and debt capital markets, and strategy and advice tailored to their specific needs.
We offer a high-value service, delivered within tight timeframes and supported by top-quality documentation. Our team is commercially-minded and offers debt financing advice within the context of the wider financing and business needs of each client.
