Matthew is Head of our Debt Capital Markets practice. He advises on a wide range of banking and financing work, including acquisition and bid financing, capital markets and securitisation transactions. Matthew also leads our Sustainable Finance practice which has advised on several green bonds issued by banks and multinationals and also green loans.
Highlights include advising:
- Burberry in relation to its inaugural issuance of £300,000,000 guaranteed Sustainability bond. The Sustainability Bond is listed on both the Main Market and the Sustainability Bond Market of the London Stock Exchange and is the first sustainability labelled bond issued by a luxury fashion company.
- Coca-Cola European Partners plc (“CCEP”) on its entry into a EUR4.4 billion acquisition bridge facility agreement in connection with the proposed acquisition by CCEP of Australian listed Coca-Cola Amatil Limited (“CCA”).
- Dufry on several significant financing transactions undertaken in response to the Covid-19 pandemic. The transactions included an amendment and restatement of Dufry’s existing term and revolving credit facilities, the entry by Dufry into new short-term liquidity facilities, and the entry by Dufry’s UK business (World Duty Free) into a new term facility guaranteed by the UK Government under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
- Her Majesty’s Treasury on the creation of the Covid Corporate Financing Facility (CCFF). The CCCF Facility was operated by the Bank of England on behalf of H.M. Treasury and will address the potential economic impacts of Covid-19 by providing funding to companies making a material contribution to the UK economy by purchasing commercial paper of up to one-year maturity.
- International Finance Facility for Immunisation Company (IFFIm) in respect of a NOK2,000,000,000 grant and on its subsequent issuance of NOK2,000,000,000 Zero Coupon Notes due 5 April 2030. Separately, we also advised IFFIm on its issuance of U.S.$500,000,000 Fixed Rate Notes due 2023. IFFIm distributed the proceeds of the notes to Gavi, the Vaccine Alliance (“Gavi”), to provide Gavi with flexible funding for its core immunisation programmes and efforts to develop and distribute eventual COVID-19 vaccines to countries around the world, particularly the poorest.
- Ocado Group plc on a concurrent three-legged c. £1,000,000,000 capital raise comprising a £650,000,000 share placing to institutional investors, a £7,000,000 share offer to retail investors and a £350,000,000 offer of convertible bonds to institutional investors. The transaction was implemented on an extremely accelerated timetable in order to take advantage of favourable market conditions and investor appetite for investing in e-commerce businesses during the COVID-19 pandemic.
- Westpac on numerous DCM transactions including issuances of bonds, covered bonds and the annual update of its EMTN programme. Westpac is one of Australia's "big four" banks and is Australia's first and oldest banking institution.
- Whitbread on various actions to mitigate the impact of the Covid-19 pandemic, including:
- establishing a commercial paper programme through which Whitbread could access the UK Government’s Covid Corporate Financing Facility;
- obtaining waivers in respect of Whitbread’s temporary cessation of business under its revolving credit facility and various US private placement notes; and
- obtaining a covenant holiday until 3 March 2022 in respect of the financial covenants contained in Whitbread’s revolving credit facility, US private placement notes and pension fund arrangements.
Matthew is recognised as a leading individual in the Bank Lending: Investment Grade Debt and Syndicated Loans section and recommended in the Debt Capital Markets and Acquisition Finance sections of the Legal500, 2021. He is also ranked as leading in the Banking and Finance: Borrowers section of Chambers UK 2021.
"He is very knowledgeable, very calm and extremely experienced." (Chambers UK, 2021)
“Very experienced in loan agreements.” (The Legal 500, 2020)