Acquisition and Leveraged Finance
We regularly give legal advice on the financing for public takeovers, private acquisitions and asset purchases. This work is frequently complex, highly structured and leveraged, involving sophisticated inter-creditor and security sharing arrangements. This often requires our financing lawyers to work closely with our mergers and acquisitions lawyers and experts in other fields such as taxation, pensions and employment, competition, intellectual property and commercial real estate.
We represent a wide variety of clients in this area: industry buyers, venture capital and private equity funds, other types of equity investors, arrangers and providers of loan finance at the senior, mezzanine and subordinated levels and lead managers of high yield bonds.
They have a very fresh and commercially balanced approach to all situations. They have wide expertise and deep knowledge which is deployed very effectively. Chambers UK, 2018View all Financing media comments
Our experience includes advising:
BHP Billiton on the US$7.5 billion financing for its successful offer for Petrohawk Energy Corporation.
Global Infrastructure Partners (GIP) on acquisition financing for the purchase of Gatwick for cash consideration of £1.455 billion on a cash-free, debt-free basis. The deal was one of the largest acquisitions in the infrastructure sector in the UK in 2009 and GIP put together a debt package of £1.125 billion. We also advised on the financing for GIP's acquisition of Edinburgh airport.
YTL Power International Berhad on a SGD$2.25 billion acquisition financing facility for its acquisition of PowerSeraya.
Bank of America and Credit Suisse as arrangers and underwriters on the £3.6 billion credit facilities for PPL Corp.'s successful bid for Central Networks (formerly East Midlands Electricity plc and Midlands Electricity plc).
Resolution on the debt financing for the acquisition of Axa's UK life business. The debt financing consisted of (i) a £400 million term loan bridge facility (ii) the issue of £500 million deferred consideration notes by Resolution to Axa on completion of the acquisition and (iii) a £500 million revolving credit facility.
Akzo Nobel NV on credit facilities of £9.2 billion to finance its successful bid for Imperial Chemical Industries PLC.
Lonza Group on the financing for its acquisition of Arch Chemicals, including US$450 million, US$500 million and US$600 million loan facilities.
Dufry AG in relation to a new CHF 800 million and US$435 million facility agreement required in connection with Dufry's merger with Hudson Group and the refinancing of Hudson's debt and Dufry's existing bank debt.
Ineos on the acquisition financing for its US$9 billion purchase of Innovene. One of the world's biggest ever leveraged buyouts, the acquisition involved a total financing package of over EUR 9 billion (covering the purchase cost and a refinancing of Ineos's existing borrowings).