International law firm Freshfields Bruckhaus Deringer has advised airport operator BAA on its $500 million 2.5% fixed rate bonds due 2017 and British Telecommunications plc on its $750 million 2% senior notes due 2015 and its $500 million floating rate senior notes due 2013 priced this week.
Both deals are examples of major UK companies accessing the US markets to refinance their existing corporate debts and meet other funding needs.
'We are increasingly seeing European clients seeking to broaden their investor base and their flexibility to take advantage of market windows by accessing the US and other international markets', said Sarah Murphy, head of Freshfields’ US securities practice. ‘In the midst of continuing uncertainty within the Eurozone, we expect to see this trend continue for some time to come.’
The Freshfields team advising on the BAA transaction was led by partners Sarah Murphy and Marcus Mackenzie, supported by associates Helen Jones and Bob Lehner. The BT transaction was led by Sarah Murphy, Bob Lehner and associate Megan Castellano with assistance provided by partner Tim Jones and associate Lee Bissett.
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